Makro to expand after offering New owner of Lotus's will also use the B62bn in fundraising to repay debts

Asia's Tech News Daily
Makro to expand after offering  New owner of Lotus's will also use the B62bn in fundraising to repay debts

Mrs Suchada, third from left, announced the firm’s business direction after Siam Makro’s acquisition of Lotus’s.

Siam Makro, the operator of Makro cash-and-carry stores, plans to use 62 billion baht of proceeds from public offerings (PO) to expand its Makro and Lotus's businesses, as well as repay debts.

According to Suchada Ithijarukul, group chief executive of Siam Makro, half of the proceeds will be allocated to finance the business expansion of Makro and Lotus’s, with the balance slated for debt repayment.

The company set its PO price yesterday for 1.36 billion ordinary shares to be offered to the public at 43.50 baht per share.

Eligible shareholders and retail subscribers are scheduled for subscription for ordinary shares of the company from Dec 4-9.

Mrs Suchada said the company will use the funds to expand its retail business both domestically and abroad, adding the company is set to resume overseas investment in Southeast Asia.

Makro plans to launch a business-to-business (B2B) marketplace in the first quarter of next year, while Lotus’s aims to launch a mobile app to sell its products online.

Lotus’s provides delivery services from 90 branches. It plans to expand its delivery to cover 2,000 branches nationwide in the first quarter of next year.

“Combining strong B2B with a B2C platform will make our business more robust and turn us into the leading retailer in Southeast Asia,” said Sompong Rungnirattisai, chief executive of Lotus’s Thailand.

Mr Sompong said Lotus’s has seen business improve at each store location.

Customer traffic at its shopping complexes has increased and its tenants are more confident about renting space, he said.

The company expects the occupancy rate at its complexes to return to pre-crisis levels by the middle of next year.

Mr Sompong said after combining with Makro, Lotus’s saw an opportunity to expand its network both in Thailand and overseas.

The company is adjusting its brand to be more modern.

“With the pandemic, we have been adjusting ourselves, providing a service near home via the Go Fresh format, working online and focusing on fresh food. We never stopped our investment, opening almost 200 branches in communities,” he said.

“The occupancy rate at our shopping complexes is now at 90% after falling to 83%, with the rate expected to reach 95% next year, which was the level before the pandemic began.”

Makro reported it completed the acquisition of Lotus’s on Oct 25, 2021.

After the Lotus’s acquisition, the company’s full spectrum of businesses now comprises three segments: wholesale, retail and malls.

Lotus’s is a leading grocery and consumer goods retailer and mall operator in Thailand and Malaysia.

Lotus’s Ltd is a parent holding company, which in turn holds Lotus’s Thailand, Ek-Chai and Lotus’s Malaysia, which Lotus’s acquired from the Tesco Group in December 2020.

The objective of the Lotus’s acquisition was to leverage the increased strengths of Makro’s wholesale business and Lotus’s retail and mall businesses in Thailand and Malaysia.

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