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Thai mall giant to acquire controlling stake of sector peer for $400m

Central Group gains grip on most popular shopping center in suburban Bangkok

BANGKOK -- Thai retail giant Central Group will acquire a controlling stake in sector peer Siam Future Development for 13.3 billion baht ($400 million) as part of its effort to further strengthen its presence in the country's retail market.

Siam Future Development runs 18 projects, including Mega Bangna, which is widely seen as the top mall in suburban Bangkok. The mall started operating in 2012, with IKEA's first outlet in the nation as a key tenant. The company reported consolidated revenue of 972 million baht in the first half, up 32% from the same period in the previous year. Its net profit increased by 20% to 785 million baht.

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