Thai Mall Developer Central Pattana to Invest up to $468M in ASEAN Push

Source:  

BANGKOK (Reuters) - Thailand's largest shopping mall developer, Central Pattana Pcl (CPN), said it plans to spend up to 15 billion baht ($468 million) on its push outside its national borders as it targets high growth in spending among Southeast Asian consumers.

CPN will use the funds to open two to three new malls in the region over the next five years including its first overseas shopping centre in Malaysia in 2016, a senior executive said, adding that it would use loans, cash, and the proceeds from the sale of a property fund.

The plans come as other Thai companies, such as sukiyaki restaurant chain MK Restaurant Group and Thai fashion designer Jaspal, have said they plan to expand in the region. Central Retail Corp, owned by CPN's parent, the unlisted retail conglomerate Central Group, plans to open its first Central Department Store in Jakarta in 2014.

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