Siam Makro opeartes membership based cash and carry trade centers, registered under the name of 'Makro', throughout Thailand.
Under the deal, Makro will be a new distribution channel to export Thai small and medium enterprises (SMEs) and agricultural products as well as fresh and frozen goods such as meat products to Asean countries.
CP All chief executive officer Korsak Chairasmisak told The Nation that the deal enables the company to open cash-and-carry wholesale centres under the Makro name in Asean countries, especially Laos and Vietnam, as well as China.
"We are entering the AEC era with a combined population of more than 600 million. We expect economic growth and civilisation to come into the region along with the AEC, which is in contrast to Europe and the US, which are facing a recession," Chairasmisak added.
"To cash in on the AEC, we will be able to open Makro centres in any market in Asean and beyond, such as China and Pakistan and the rest of the world."
Commenting on 7-Eleven expasnion, Chairasmisak said, "For 7-Eleven, we have only a licence for the Kingdom. We plan to expand 7-Elevens from about 6,700 stores in the Kingdom to 10,000 within five to six years. However, Siam Makro will be our business arm in expanding cash-and-carry centres overseas."
CP All has signed a sale and purchase agreement with the major shareholder for the stake, but the acquisition is now awaiting shareholders approval on 12 June 2013.
