Thai food retailer CP All Public Co. Ltd. said March 28 that it sold 4.8% of its interest in Siam Makro Public Co. Ltd. for 44 baht per share, for a total consideration of about 10.13 billion baht.

According to the release, CP All sold 230,248,000 shares, which will lower its stake in the Thailand-based grocer to 93.08% from 97.88%. CP All did not disclose the buyer of the shares.

The company said the transaction is aimed at growing the trading liquidity of Siam Makro shares on the Thailand stock exchange and should not be regarded as a "disposition of asset." CP All also said that the sale will not affect the management structure, policies and operations of Siam Makro.

It was reported on Jan. 18 that Siam Makro would expand its business into India under the Lots Wholesale Solutions brand and that it could potentially perform better in India than in its home market of Thailand.

Credit Suisse (Singapore) Ltd., Credit Suisse Securities (Thailand) Ltd. and SCB Securities Co. Ltd. were the placing agents.

As of March 27, US$1 was equivalent to 31.20 Thai baht.