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Siam Makro’s Lotus’s buyout pushes business liquidations in Thailand up by 31% in Oct

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Siam Makro’s 218-billion-baht acquisition of Lotus’s stores from CP Retail Holding in September bumped the number of business liquidations in Thailand up by 31 per cent in October.

However, Thosapol Thangsubut, director-general of the Department of Business Development (DBD), said on Saturday that 5,555 new businesses valued at about 22 billion baht were registered in October. This was about 5 per cent lower than new businesses registered in September, but 3 per cent more compared to the same period last year.

He said 1,976 companies had shut down in October with total registered capital coming in at 207.65 billion baht, which was consistent with the trend of business closures over the past five years.

The registered capital of businesses that ceased operations in October surged by 3,502 per cent or 201.88 billion baht compared to September, and up 2,564 per cent compared to October last year.

“The registered capital numbers are high in October because CP Retail Holding, with a registered capital of 199.48 billion baht, had transferred a majority holding of its Lotus’s stores in Thailand and Malaysia to Siam Makro,” Thosapol said.

However, he added, that as of October 31, a total of 809,410 businesses with a capital value of 19.26 trillion baht were still in operation nationwide.

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Published : November 28, 2021

By : THE NATION