With Southeast Asian economies and markets surging, some of the region’s richest men are looking to take back control of what they lost after the Asian financial crisis in the late 1990s.
In Thailand, tycoon Dhanin Chearavanont, the country’s richest man, said Tuesday that he would offer $6.6 billion for domestic retailer Siam Makro PCL MAKRO.TH -0.53%–a company he helped create with Dutch company SHV Holdings NV in 1988. Mr. Dhanin sold his holdings in Siam Makro in the wake of the 1997 financial crisis, which devastated Thailand and its currency, wiping out many businesses.
Mr. Dhanin’s bid follows a similar move by Indonesia’s Salim Group, which in December took back direct control of automaker Indomobil Sukses Internasional IMAS.JK -0.95%, the country’s second-largest automotive group by sales, in an $809.3 million deal.
The Salim Group, led by billionaire Anthony Salim, son of deceased founder Sudono, was forced to sell a number of assets in the aftermath of the region’s financial crisis to repay debts, including a government bailout of the family’s Bank Central Asia. The group also owns food and agribusiness giant PT Indofood Sukses Makmur.
Now, more than a decade after the financial crisis devastated Southeast Asia, its economies and companies are in much better shape–and those companies have shown in recent months that they’re ready to make big deals to capitalize on the region’s rapidly growing middle class.
via Southeast Asia’s Tycoons Buying Back Lost Property – MoneyBeat – WSJ.
April 23 is written as 23/4/56 in Thailand, this year being 2556 in the Buddhist calendar, and the date makes for the ascending order of 23456.
It could turn out to be a special day for Dhanin Chearavanont, the chairman of Charoen Pokphand (CP) Group who struck a major deal to purchase the cash-and-carry chain Makro for US$6.6 billion.
Perhaps not too surprisingly, the value of the takeover bid from the Thai group’s subsidiary CP All Plc comes to 188.88 billion baht. Chinese consider the number 8 to be lucky. For example, the 2008 Beijing Olympics began on 8/8/2008 at 8:08:08pm.
People who know Mr Dhanin know he is an avid follower of feng shui and would never fail to determine the right time to buy the right business.
The acquisition, which marks the biggest ever in Thailand’s retail industry, will see CP All pay 787 baht a share, about 17% above market value.
via Dhanin’s lucky feng shui backs Makro purchase | Bangkok Post: business.
