$85.5 million recovered following sale of Metro Cash & Carry Vietnam to Thai group.
Tax authorities have secured tax arrears of more than VND1.9 trillion ($85.5 million) after the transfer of Metro Cash & Carry Vietnam to Berli Jucker Public Company Limited (BJC) from Thailand, Minister of Finance Dinh Tien Dung told a press conference on January 14. After much effort by authorities, he explained, Metro paid the arrears on December 29.
Metro Group completed the sale of its Metro Cash & Carry business in Vietnam to TCC Holding Co. Ltd, a subsidiary of BJC.
TCC acquired the entire wholesale operation in Vietnam, including 19 outlets and related real estate valued at a total of $706.2 million.
Metro Group arrived in Vietnam in 2002 and had 19 wholesale outlets around the country, employing more than 3,300 staff. Metro Cash & Carry Vietnam generated sales of $546.6 million in financial year 2014-2015.
In August 2014 the Metro Group announced an agreement with BJC to sell the business. In February 2015, however, BJC’s majority shareholder, TCC, replaced it in the deal.
TCC retained the Metro Cash & Carry name, its development goals, and its products and services.