E-commerce platform Lazada has acquired RedMart, the Singapore online grocer backed by billionaire Facebook Inc co-founder Eduardo Saverin.
The companies declined to disclose the financial details of the deal, though news site TechCrunch had earlier quoted sources saying the acquisition was priced at US$30 million to $40 million (Bt1 billion to Bt1.4 billion).
RedMart, founded in 2011, was among the first in the region to launch an online grocery store.
In September, Bloomberg reported that the company was seeking a buyer, and had reached out to some potential suitors including supermarket chain NTUC FairPrice.
Lazada is controlled by Chinese online shopping giant Alibaba, which bought a $1-billion stake in April.
“As part of our growth strategy, we are always looking for ways to serve our customers better by adding new product categories and improving our service offering,” said Maximilian Bittner, CEO of Lazada.
– The Straits Times

CTH ‘FILES REHAB PETITION’

CTH, a former leading pay-TV operator, has reportedly filed a rehabilitation petition in the Central Bankruptcy Court after suffering from total debts of Bt21.45 billion.
According to Isranews agency, the court accepted the case, which was lodged by eight members of CTH’s executive committee including CEO Amarit Sukhavanij and Thana Tummanon, and set the hearing for the reorganisation petition inquiry in December.
CTH’s creditors or stakeholders may file an objection to this petition with the court not less than three days before the trial date.
Because of the huge losses, CTH decided to cease its service early this year and left its customers behind.
On Monday, the broadcasting committee of the National Broadcasting and Telecommunications Commission decided to revoke CTH’s broadcasting licence.

4K SATELLITE TV DUE SOON

Next Step, a provider of television documentaries and satellite TV, plans to launch the country’s first ultra-high-definition (4K) satellite TV channel in the middle of next year.
Jirathiti Rochananond, general manager, yesterday told The Nation that the company would upgrade Khong Dee Thailand, a satellite-based free-to-air TV channel, from high-definition to 4K next year.
This HD channel is accessible on a Freeview HD satellite TV receiver, operated by his company.