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Thailand’s Central Group mulls spinning off retail arm in IPO

Thailand’s Central Group is considering a potential IPO of its retail assets, according to an anonymous leak.

The private details, provided by more than one informant to local Thai media, suggest that the potential listing could include Central-owned department store businesses. They also revealed that a possible share sale could raise more than US$1 billion.

The sale, if it goes ahead, will constitute Thailand’s largest first-time share sale since 2015.

Central’s department store group sales makes up roughly 40 per cent of its total revenue. The entire Central business involves the retail, property, restaurant and resort industries. It controls the largest mall developer in Thailand, and several major international retail investments—including Italian department store La Rinascente, Danish retailer Illum, and Vietnam’s Big C hypermarket chain.

The anonymous sources say that deliberations remain at an early stage, and no firm decisions have yet been made.

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