Charoen Sirivadhanabhakdi, Thailand’s richest man and the controlling investor in drinks giant Thai Beverage, has outlined changes to the company’s shareholder structure.
According to a series of documents lodged with the Singapore Stock Exchange, Charoen has passed his stakes in holding firms that own the majority of ThaiBev to his children.
The holding companies own around 66% of the Chang beer and Larsen Cognac maker. Charoen, 81, has transferred the stakes in the firms to his five children, the filings show.
However, as part of the changes, the children have activated an agreement that will confer on Charoen, “the authority to manage and make all decisions in respect of the business and assets” of the group.
ThaiBev is part-way through its current financial year. In the six months to the end of March, revenue grew 1% to Bt117.62bn (US$3.6bn). Net profit was down 9.2% at Bt17.77bn.
Sales were “mainly driven” by ThaiBev’s beer and non-alcoholic drinks businesses, the Bia Siagon brewer said.
The Old Pulteney whisky maker’s spirits business is its largest when measured by sales. In the period to the end of March, sales from spirits dropped 1.5% to Bt64.52bn, with volumes down 1.9%. The division’s net profit dropped 10.3% to Bt11.6bn.
In January, International Beverage, ThaiBev’s international arm, snapped up full ownership of Asiaeuro International Beverage to accelerate growth in Asia, with a particular focus on China.
AIB was established in 2018 as a joint venture between International Beverage and Asia Group Corporate Limited, to bolster the ThaiBev subsidiary’s route to market in Greater China.
In ThaiBev’s 2023/24 financial year, which ran to 30 September last year, revenue grew 2.2% to Bt340.29bn. Net profit inched up 0.6% to Bt35.27bn.
Last July, ThaiBev struck a share-swap agreement to increase its stake in Singapore-based food and drinks producer Fraser & Neave (F&N). The deal saw ThaiBev’s stake in F&N rise from 28.21% to 69.61%.
