Thai billionaire Dhanin Chearavanont’s retail subsidiary CP All PCL is considering an expansion of wholesale operations in China and India to tap the might of consumers in the world’s most-populous nations.
CP All chief financial officer Kriengchai Boonpoapichart said the firm’s cash-and-carry unit, Siam Makro PCL, is studying opportunities in the two countries, as well as the possibility of setting up a store in Myanmar, having already opened an outlet in Cambodia.
“Siam Makro is on a new journey of expanding in overseas markets,” Kriengchai said in an interview at his Bangkok office on Wednesday. “It will be a tough and challenging road, but it’s a good opportunity with large populations to tap, compared with Thailand’s mature market.”
Earlier this year, Siam Makro said it had set up LOTS Wholesale Solutions in India and planned to invest more than 10 billion rupees (US$145 million) over five years.
Siam Makro intends to open its first store in India soon and a second outlet in Cambodia, Kriengchai said.
CP All acquired Siam Makro for about US$6.1 billion in the nation’s biggest-ever takeover.
Shares of CP All and Siam Makro have dropped less than 4 percent so far this year, while the benchmark SET Index has slid about 8 percent.
Dhanin, whose investments include telecommunications, agriculture and insurance businesses in Thailand, China and other countries, has net worth of US$4.2 billion, according to Bloomberg Billionaires Index.
CP All operates more than 10,000 7-Eleven stores in Thailand, the most outlets after Japan, according to 7-Eleven Inc’s Web site.
The company plans to spend about 9 billion baht (US$271 million) a year to open at least 700 new 7-Eleven stores, Kriengchai said. ]
It will also stock shelves with more health and beauty products to boost revenue growth per store, he said.
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