Bangkok--20 Oct--124 Communications
On 19 October 2011, the Board of Directors of Big C Supercenter Public Company Limited ("Big C" or the “Company”) unanimously approved an equity offering in the form of a rights offering of the ordinary shares of Big C for up to THB 25 billion. Unsubscribed shares, if any, from the rights offering will be placed in a private placement. The equity offering will be subject to the approval of an extraordinary general shareholders meeting (“EGM”), scheduled for 17 November 2011.
The equity offering has been structured as a rights offering in order to allow all existing shareholders of Big C to participate in the future growth of the Company. Groupe Casino, a world-leading food retailer, and Big C's largest shareholder, has expressed its intention to fully subscribe to its rights entitlement. The terms of the equity offering, including the price of shares in the rights offering and the final number of shares to be offered will be determined and announced just prior to the EGM. The number of ordinary shares to be issued in respect of the rights offering is expected to be between 220 – 350 million.
The transaction will enable Big C to strengthen its balance sheet, by repaying debt incurred for the acquisition of Carrefour’s operations in Thailand and thus accelerate its ambitious growth strategy. Big C has made substantial progress on the integration of Carrefour's Thailand operations acquired in early 2011 and now seeks to embark on the next steps of its growth strategy. This equity offering will allow Big C to further strengthen its leadership position in the Thai retail sector and to roll out its identified growth initiatives, including expanding its store network across different formats nationwide, accelerating its dual retail property model as well as considering potential acquisition opportunities on a selective basis in Thailand and in the region.
Commenting on the equity raising, Yves Braibant, Chief Executive Officer of Big C said: "This transaction is another important milestone in our history. We believe that this will allow Big C to achieve greater financial flexibility as we continue to deliver long-term shareholder value."
The rights offering is expected to take place in December 2011.
Credit Suisse will be appointed as Sole Global Coordinator and Lead International Bookrunner, BNP Paribas, CLSA (Cr?dit Agricole Group) and Deutsche Bank as International Bookrunners and Bualuang Securities and SCB Securities as Domestic Bookrunners.
Analysts and investors contact: Rami Piirainen ([email protected])
Press contact: Kudatara Nagaviroj ([email protected])
This announcement does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of, any securities. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless they are registered with the U.S. Securities and Exchange Commission or an exemption from the registration requirements of the Securities Act is available.
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