Central Food Retail to acquire Aeon (Thailand)
Mon, August 10, 2026 at 2:10 PM GMT+3 2 min read
Central Food Retail (CFR) has agreed to acquire ordinary shares in Aeon (Thailand), the Thai supermarket arm of Japan's Aeon Group.
The division runs a 30-store supermarket chain under the MaxValu brand and has operated in Thailand since 1984, when Aeon established its forerunner, Siam Jusco.
Following completion, all Aeon (Thailand) outlets will be renamed under the Tops brand and folded into CFR's existing store network.
Aeon (Thailand) has registered capital of Bt890m ($26.9m), with each share carrying a par value of Bt100.
Once the deal closes, CFR will own the entire registered capital, and Aeon (Thailand) will hand over its business operations and staff to CFR's parent company Central Retail.
In addition, Central Retail intends to finance the purchase through its own cash flow.
The company said the acquisition would add more than 900,000 customers and broaden its supermarket footprint into new strategic locations.
The transaction will also include land assets and a ready-to-eat processing centre, which the company said would boost its production capabilities for ready-to-eat food products.
Completion is contingent on meeting all conditions precedent laid out in the agreement.
Central Retail stated that the transaction is not a connected transaction and stays below the threshold that would trigger further requirements under the Capital Market Supervisory Board's notification on material transactions.
However, the company confirmed it is still required to inform the Stock Exchange of Thailand, as mandated by rules on subsidiary acquisitions, since the deal will turn Aeon (Thailand) into a subsidiary of the listed company.
According to a translated version of the press statement, under its FY26–FY30 group medium-term management plan, Aeon said it is working to allocate management resources to priority business areas while improving group-wide profitability and capital efficiency.
The company identifies its ASEAN operations as a future growth driver, naming Vietnam its top priority for building a multi-format business presence.
In Thailand, Aeon said its focus will be on strengthening earnings through its finance, entertainment, and health and wellness divisions.
As of 31 March 2026, Central Retail ran 3,649 stores and sales counters spanning 63 provinces in Thailand, plus 128 stores across 26 provinces in Vietnam.
"Central Food Retail to acquire Aeon (Thailand)" was originally created and published by Retail Insight Network, a GlobalData owned brand.
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