Central Retail Corporation Plc (CRC) has received shareholder approval for the sale of its Rinascente department store business in Italy.
A total of 1,372 shareholders attended the meeting, representing 58.4% of the total shares with voting rights.
The meeting followed the guidelines of the Stock Exchange of Thailand and shareholder meeting standards that emphasise transparency, full disclosure of information, and equal voting rights for all shareholders, according to the company.
Suthisarn Chirathivat, chief executive of CRC, said the meeting approved the sale of assets related to the Rinascente department store business, with 3.16 billion votes in favour, representing 89.5% of shareholders attending the meeting that were entitled to vote, and with no vested interests.
The sale forms part of CRC’s strategy to strengthen its business structure and drive growth by focusing on two core markets — Thailand and Vietnam — as well as the Southeast Asia, which offer high potential for retail and wholesale expansion under its “New Heights, Next Growth” strategy, he said.
Mr Suthisarn said the company aims to enhance competitiveness and support long-term sustainable growth, reaffirming its leadership in retail and wholesale both in Thailand and internationally, while delivering stable value and stakeholder returns.
CRC remains committed to operating with transparency, accountability and good corporate governance, he said.
Proceeds of roughly 14.7 billion baht from the sale will be used to fund growth and strengthen the company’s financial position.
A portion of the proceeds is allocated to repay financial institution loans, reducing total debt by around 5.3 billion baht, which increases financial flexibility for future expansion, said Mr Suthisarn.
In addition, CRC plans to allocate 7.7 billion baht to pay a special dividend of 1.28 baht per share, providing immediate returns to shareholders.
“The shareholder approval reflects their confidence in the company’s growth direction, building a strong and sustainable business that creates long-term value for all shareholders and stakeholders,” he said.