(Bangkok Post file photo)Central Pattana Plc (CPN), the SET-listed property and retail developer under Central Group, has set up a joint venture with Tesco, the British retail giant, to co-develop property in the Thai market. CPN on Tuesday told the Stock Exchange of Thailand (SET) that the company will set up a new joint venture company called Synergistic Property Development Co Ltd to support the business expansion. CPN holds a 50% stake in the joint venture company while the other 50% belongs to Ek-Chai Distribution System Co, the operator of Tesco Lotus hypermarkets in Thailand. However, Tesco did not confirm the plan and refused to give any further details on the joint venture. CPN branched out into property development many years ago.

Source: Bangkok Post September 07, 2017 00:33 UTC