Thai Berli Jucker shareholders approve $494 mln rights issue plan

-A +A

BANGKOK (Oct 13): Shareholders at Thailand's Berli Jucker PCL (BJC) on Monday approved the conglomerate's 16 billion baht ($494 million) rights issue plan, enabling it to finance an acquisition of the Vietnam unit of Germany's Metro AG

Some 99.97 percent of shareholders voted in favour of the plan, a company official told a shareholders meeting.

BJC agreed in August to buy cash-and-carry wholesaler Metro Vietnam for 28.4 billion baht ($876 million) to expand into the fast-growing consumer goods sector in Southeast Asia.

The consumer conglomerate is offering 360.43 million new shares via a two-for-nine rights issue at 45 baht each to raise about 16 billion baht. The remaining will be financed by debt.

BJC, controlled by Thai billionaire Charoen Sirivadhanabhakdi, is seeking to grow its business overseas to offset slowing demand at home. The company has said it expects the acquisition to be completed in the middle of 2015.

($1 = 32.3800 Thai Baht