The reported deal in which a leading Thai electronics store operator purchased a stake in the company that owns Vietnam’s electronics mall chain Nguyen Kim was confirmed Tuesday by a Vietnamese firm under the same umbrella as the stake buyer.

Power Buy and NKT New Solution and Technology Development Investment JSC completed investment and stake transfer procedures on Friday, a media person with the Vietnamese branch of Thai retail conglomerate Central Group told Tuoi Tre (Youth) newspaper.

Power Buy is a member of the Central Retail Corporation, the retail unit of Central Group, which is majority owned by the Chirathivat family. The family is Thailand’s second-richest, according to a 2013 ranking by Forbes Magazine.

NKT owns 100 percent of the Nguyen Kim Trading JSC, which operates the namesake electronics store chain, one of the largest of its kind in Vietnam. Nguyen Kim lists 23 electronics shopping centers countrywide on its website.

The electronics retailer has been valued at US$200 million, Dau Tu (Investment) newspaper said, quoting Forbes Vietnam as saying in its January 2015 issue.     

The strategic investment will be “the start of the long-term strategic cooperation between Central Group and Nguyen Kim Trading in Vietnam,” according to a memo obtained by Tuoi Tre News.

The long-term strategic cooperation also marked a new phase in the rapid growth of Central Group in Vietnam, while fulfilling Nguyen Kim’s plan to welcome an international partner as part of its strategy for 2011-2015, the memo reads.

Central Group is already present in Vietnam through the SuperSports, Crocs and New Balance stores, which operate under Central Group units or franchise agreements with Vietnamese partners, according to The Saigon Times Online.

Vietnamese media reported early this week that Power Buy had purchased a 49 percent stake in NKT. The Central Group Vietnam representative did not confirm the value of the stake.

Central Group called the investment a “strategic move,” which shows its “strong confidence and long-term commitment to Vietnam.”

“At the same time, it marks a new phase in the relationship between Nguyen Kim and other electronic manufacturer strategic partners through leveraging the strengths of both companies for the benefits of all stakeholders, preparing for the future in [the] face of the rapid changes in the economy and the market in Vietnam,” the Thai group said in the memo.

Central Group Vietnam CEO Philippe Broianigo will become the chief executive officer of Nguyen Kim, an appointment the Thai company said “will enable Nguyen Kim’s management to further enhance their electronic retailing expertise and competitiveness.”

Nguyen Kim’s chairman of the board of directors, Nguyen Van Kim, will retain his position, according to the Central Group Vietnam media person.

The spokesperson also asserted to Tuoi Tre that Power Buy, which has 80 stores across Thailand, does not have plans to rename the Nguyen Kim shopping centers because Nguyen Kim is already a major, reputable brand in the Vietnamese retail market.

“Nguyen Kim is the leading player in electronic retailing in Vietnam by far with a clear leading market share in modern electronics retailing nationwide,” the Thai group said in the memo.

Thien Hoa, another leading electronics store operator in Vietnam, has recently announced that it is waiting for the right time to sell its stake, saying “mergers and acquisitions are an inevitable trend.”

The company also revealed that a U.S. investment fund has shown an interest in buying its stake.

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