Makro set for RI expansion

Makro set for RI expansion

BANGKOK (DPA): The Netherlands-based SHV Group, owner of Makro cash-and-carry stores, announced plans to opens three new stores in Indonesia, three in Thailand two in the Philippines, and one each in Malaysia and China in the year 2000.

The company would invest 2 billion baht (US$52.6 million) in the three new outlets in Thailand, news reports said.

Siam Makro, a joint venture between SHV and Thailand's Charoen Pokphand Group, pioneered the cash-and-carry store concept in Bangkok more than a decade ago.

Siam Makro's consolidated revenues last year reached 35.4 billion baht (US$931.5 million), up 12 percent on 1998 revenues.

Profits reached US$19 million in 1999, up 35 percent, said The Nation newspaper.

"With a strong potential and a huge population, Thailand is the most important country in Asia," Tobac told a news conference.

Of Makro's 50 existing outlets in Asia, 18 are in Thailand.