What is CP’s gameplan?

Thailand’s richest man Dhanin Chearavanont keeps the deal mill turning.
CP Lotus' supermarket stores have been underperforming.
CP Lotus' supermarket stores have been underperforming.

Thailand's richest man Dhanin Chearavanont continues to keep the deal mill turning. Earlier this week CP Lotus, which is partly owned by CP Group, inked a HK$2.3 billion $296 million agreement with Chinese supermarket operator Wumart. The latter bought 36 stores from CP Lotus through a share- swap deal.

CP Lotus' supermarket stores have been underperforming and the company posted a net loss of Rmb46.7 billion in the six months to June-end, so it was perhaps no surprise that the company decided to partner with a local player -- much like other foreign retailers such as Tesco.

But the CP Lotus share swap is merely the...

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