Berli Jucker Public Company Limited (SET: BJC) has clarified its dual-track strategy to expand its Southeast Asian footprint while maintaining a disciplined capital structure. The company announced plans to acquire MM Mega Market Vietnam (MMVN) for approximately THB 22,500 million, a move that will be supported by a massive sale of non-core assets to manage debt levels.
In a clarification to the Stock Exchange of Thailand on 2 February 2026, BJC confirmed its intent to acquire all shares of TCC Land International (Singapore) Pte. Ltd., which operates MMVN. While the move signals a major growth push, the company acknowledged that financing the deal via borrowings would initially spike its Net Debt / EBITDA ratio to approximately 8.2x.
To address investor concerns regarding this leverage, BJC has introduced a comprehensive deleveraging plan aimed at reducing this ratio to a more manageable 7x upon completion.
The cornerstone of BJC’s financial strategy is the disposal of 33 parcels of unutilised land. Based on appraisals from two independent firms, these assets are valued at an aggregate of THB 10,000 million.
Key details of the asset disposal include:
- Market-Driven Pricing: BJC has already received committed offers at market-consistent levels and will use public announcements to ensure transparency.
- No Discounting: The company stated a strict policy of selling at market value, expecting to recognise gains of approximately THB 3,000 million from the sales.
- Debt Repayment: The divestment is expected to generate THB 8,000–9,000 million in debt repayment capacity.
In a move to protect its financial integrity, BJC has explicitly linked the two transactions. The company intends to close the MMVN acquisition only after the land disposal is finalised. This ensures that the post-investment capital structure remains within the company’s risk management framework. If the MMVN acquisition does not proceed, the company noted that the acceleration of these land sales may no longer be required within the same timeframe.
The proposed transactions remain subject to approval from the Board of Directors and shareholders, as well as prevailing market conditions. Management cautioned that the current figures are preliminary estimates and may evolve during final negotiations.
