Ahold completes Asian withdrawal
Supermarket giant sell Thai business
March 3 2004
Ahold has sold its stake in its Thai retail operation, CRC Ahold, completing its withdrawal from the Asian market.
Coming in the same week as the sale of Ahold’s Bompreco supermarket chain in Brazil to Wal-Mart, the Thai sale is another milestone in Ahold’s drive to focus on core markets.
In the wake of the financial problems that it the business last year, Ahold is working to restore consumer confidence in its Albert Heijn business in the Netherlands, as well as develop other European and US operations.
[img r]topsthailand.jpg[/img]Its stake in CRC Ahold is being sold to its partner, the Central Group. CRC Ahold operates 47 stores trading under the Tops brand, as well as a wholesale business delivering to 300 convenience stores, with 2003 sales of around €312m.
Privately owned Central Group operates retail, hotels, property, wholesale, manufacturing and food franchises.
Theo de Raad, Ahold corporate executive board member responsible for Latin America and Asia, said: “Ahold has finalised its withdrawal from Asia with the divestment of its Thai operation.
“We have every confidence that all our stakeholders, including customers, associates and suppliers, will continue to flourish under new ownership.”
Ahold’s Indonesian and Malaysian operations were sold last year.
