CPAXT closes deal to acquire The Food Purveyor for 1.3 billion baht

M&A · Partnership
โดย สำนักข่าวอีไฟแนนซ์ไทย·THMY·Read original
Summary · why it matters

CP Axtra, or CPAXT, announced the completion of its acquisition of The Food Purveyor, a premium supermarket operator in Malaysia, for 1,660 million Malaysian ringgit, or approximately 13,483 million baht. Its subsidiary, Lotuss Stores (Malaysia), acquired 100% of the shares on September 1, 2026, after fulfilling conditions and obtaining regulatory approvals. This makes The Food Purveyor an indirect subsidiary, operating under the brands Village Grocer, B.I.G., BSC Fine Foods, OTK, and The Food Merchant, with a total of 50 branches. KGI Securities expects TFP's profit to be around 38 million ringgit, or 300 million baht per year, based on a 31% market share in Malaysia's premium supermarket market, which is valued at 4.1 billion ringgit, and a net margin of 3%. Meanwhile, CPAXT may incur debt of 60-70% of the investment value and use some cash of around 4-5 billion baht, causing its debt-to-equity ratio to rise from 0.4 times to 0.42-0.43 times. The outlook is neutral due to limited synergies, and third-quarter profit is expected to decline due to government stimulus measures and business expansion costs. The recommendation is 'Hold' with a target price of 15 baht.

Impact on stocks 2

Consumer Staples▲ · 1 stocks
CP Axtra Public Company Limited
CPAXT
± MixedCapitalrelevance

CPAXT completed its 13.5bn baht acquisition of The Food Purveyor, funded largely by debt, lifting D/E to 0.42-0.43x with neutral outlook and limited synergies.

Financials▲ · 1 stocks

Off-coverage companies 2

The Food PurveyorPrivate▲ Positive
Capitalrelevance

The Food Purveyor is acquired by CPAXT's subsidiary for 1,660 million ringgit, becoming an indirect subsidiary with 50 branches.

Lotuss Stores (Malaysia)Private± Mixed
Capitalrelevance

Lotuss Stores (Malaysia) is the acquiring subsidiary that bought 100% of The Food Purveyor shares, a transaction execution detail.

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