BJC to spend $723 million acquiring MM Mega Market Vietnam

Photo: MM Mega Market

According to its filing to the Stock Exchange of Thailand, BJC, through its subsidiary C-Distribution Asia, will purchase all 921.8 million ordinary shares in TTC Land International (Singapore) (TCCLI) from Golden Land International at a price of THB24.41 (78 US cents) each.

TCCLI is a corporate entity associated with the Thai-owned TCC Group. It wholly owns MM Mega Market Vietnam (MMVN), a major wholesale distributor focusing on serving professional business customers. MMVN is a strategic brand of TCC in Vietnam with 30 branches across the country.

Upon completion of the acquisition, TCCLI and MMVN will become subsidiaries of the Thai conglomerate.

The acquisition will enable BJC to expand into Vietnam’s fast-growing market, establish comprehensive retail and wholesale distribution channels, and improve operational efficiency via business integration, the Thai firm said in its statement.

In addition, the deal is expected to strengthen the company’s regional bargaining power, diversify its product range, including private label brands, and leverage MMVN’s digital platforms to enhance market reach and collect valuable consumer data, it stressed.

BJC’s board of directors will convene an extraordinary general meeting on February 13 to decide on the acquisition. If approved, the deal is set to be completed in the second quarter of this year.

MM Mega Market Vietnam currently derives about 55 per cent of its revenue from the business-to-business (B2B) segment, with the remaining 45 per cent coming from business-to-consumer customers. The company aims to lift the B2B contribution to 60 per cent by 2030. It plans to expand its retail network from 30 outlets in 2025 to 54 by 2030, combining the rollout of both large-format stores and smaller-scale models.

In 2014, TCCLI acquired Metro, the former name of MM Mega Market Vietnam, from German retailer Metro AG. At the time, Metro reported losses over several consecutive years.

However, after being bought and renamed, MM Mega Market Vietnam’s business results started to show positive signs. In the fiscal year of 2024, it reported a revenue of $600 million and net profit of $15.4 million.

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