Page 54 - CRC_One Report 2021_EN

Business Overview and Performance Corporate Governance Financial Statements Enclosure

including targeted acquisition, joint investment, business partnership, and other attractive and appropriate growth
opportunities both in Thailand, Asia, and other regions. Central Retail strives to become the leader in both the
overall market and the niche market, a high-value, high-growth and defensible market emerging in the new
markets. Central Retail pays close attention to investment in businesses that Central Retail can utilize its operational
expertise to synergize with targeted enterprises. In this regard, Central Retail gives the opportunity to the founder
or the original management team of the potential targeted business to be involved in the management to keep
existing personnel with expertise in the business and maintain smooth business operation.

In regard to past acquisitions or joint ventures in Thailand, Central Retail has acquired various businesses in order
to expand its retail brands, including fashion segment such as Robinson Department Store, Food segment such as
Tops and FamilyMart. In 2021, acquisitions in hardline segment were made, such as OfficeMate, B2S and MEB,
the retail brands under COL, to further their leadership in omnichannel retailing platform and strengthening the
hardline segment. This includes the aim to expand its Business-to-Business Market (B2B) due to COL’s strong
corporate customer base. In addition, Central Retail has invested in start-ups such as Mercular to expand sales
channels and business to cover all groups, including Hobby & Lifestyle products, etc. Moreover, on 1 December
2021, Central Retail acquired 67% of Porto WW’s total shares, a holding company in GrabTaxi Holdings (Thailand).
Co., Ltd. with 40% shareholding. This investment has helped to develop and strengthen the ecosystem and the
omnichannel platform of Central Retail to fully meet the needs of customers from the beginning to the end by
partnering with Grab, the leading fast growing online-to-offline service platform across Southeast Asia, especially
in Thailand. Grab provides a variety of services, including food delivery, travel services, logistics system services,
hotel booking services, and financial services. Such cooperation will benefit and complement Central Retail’s
services to be the perfect Digital Retailer. (Please find more details of disclosed information to the Stock Exchange
of Thailand, regarding the acquisition of Porto Worldwide Limited, an investor of Grab business in Thailand).

Furthermore, Vietnam provides a valuable case study for Central Retail’s acquisition strategy. After initiating Nguyen
Kim (on June 7, 2019, Nguyen Kim joint venture became Central Retail’s wholly owned subsidiary after purchase
of the Company shares held by Central Retail’s joint venture partner) and Lan Chi Mart joint ventures, the scale
in Vietnam remained insufficient for optimal performance. The acquisition of Big C Vietnam presented an ideal
opportunity to achieve the scale Central Retail wanted and allowed Central Retail to strengthen its existing banners
in Vietnam. Central Retail then concentrated its efforts to make sure the acquisition was successful. Big C is now
a clear leader in the Vietnamese hypermarket space. Therefore, Central Retail has put all efforts into successful
acquisition, and currently, Big C / GO! Vietnam is clearly the leader in the hypermarket of Vietnam.

54 Annual Report 2021 (Form 56-1 One-Report)