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The Star
4 days ago
- Business
- The Star
Second-richest Thai billionaire hands stakes in major companies to children
BANGKOK: Thailand's second-richest person Charoen Sirivadhanabhakdi (pic) transferred ownership of two major listed companies to his five children as the octogenarian businessman pulls back from day-to-day management of his beer-to-property conglomerate. Charoen sold all of his shares in Sutthasup 9 Company to his offspring, according to late Monday (May 26) filings of Asset World Corp. and Berli Jucker. Sutthasup 9 has indirect control of the companies. The statements did not say how much Charoen owned in the companies. Major shareholders' restructuring will have no impact on current management structures, business operations and strategic direction of the companies, the filings said. Berli Jucker's shares fell as much as 3.3 per cent, while shares of Asset World dropped as much as three per cent in Tuesday trading. The key benchmark stock index slid 1.6 per cent. Charoen, 81, has a net worth of about US$11.6 billion, according to the Bloomberg Billionaires Index. Charoen's business empire includes Thai Beverage Pcl, the nation's largest whiskey and spirits maker, Fraser and Neave Ltd., a Singapore-based food and beverage maker, and Frasers Property Ltd. Chaoren has been gradually pulling out of active leadership positions in his group companies. In February, he retired as the chairman of Frasers Property and assumed the title of chairman emeritus at the Singapore-listed developer. A month earlier, he quit as the chairman of Fraser and Neave. But he retains control of TCC Group, the conglomerate with significant holdings across beverage, real estate, consumer goods and retail companies. Earlier this month, Frasers Property said in a filing it was seeking to take Frasers Hospitality Trust private. Charoen appears to be avoiding a succession drama that has plagued other wealthy families in Asia. He began the restructuring of his holdings as part of plans for passing down the investments to his children, Wallapa Traisorat, Asset World's chief executive officer and Charoen's daughter, said in an interview last year. In March 2024, share transactions among two major shareholders of Asset World sparked a two-day jump in overseas investor net selling of Thai equities. Charoen's recent public appearance, in which he was photographed in a wheelchair, came at the opening of the US$3.6 billion 'One Bangkok' property project in October, his family's biggest real estate venture. Charoen's children also include Thapana Sirivadhanabhakdi, Thai Beverage's chief executive officer, Thapanee Techajareonvikul, CEO of Berli Jucker, and Panote Sirivadhanabhakdi CEO of Frasers Property. Charoen's spouse, Wanna, passed away in 2023. "I would like my business to have a sustainable growth by avoiding any excessive spending and borrowing beyond its capacity,' Charoen said during a recent interview with the Thai Chamber of Commerce. - Bloomberg
Business Times
5 days ago
- Business
- Business Times
Thai billionaire hands stakes in major companies to his children
[BANGKOK] Thailand's second-richest person Charoen Sirivadhanabhakdi transferred ownership of two major listed companies to his five children as the octogenarian businessman pulls back from day-to-day management of his beer-to-property conglomerate. Charoen sold all of his shares in Sutthasup 9 Company to his offspring, according to late Monday (May 26) filings of Asset World and Berli Jucker. Sutthasup 9 has indirect control of the companies. The statements did not say how much Charoen owned in the companies. Major shareholders' restructuring will have no impact on current management structures, business operations and strategic direction of the companies, the filings said. Berli Jucker's shares fell as much as 3.3 per cent, while shares of Asset World dropped as much as 3 per cent in Tuesday trading. The key benchmark stock index slid 1.6 per cent. Charoen, 81, has a net worth of about US$11.6 billion, according to the Bloomberg Billionaires Index. Charoen's business empire includes Thai Beverage, the nation's largest whisky and spirits maker, Fraser and Neave, a Singapore-based food and beverage maker, and Frasers Property. Chaoren has been gradually pulling out of active leadership positions in his group companies. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up In February, he retired as the chairman of Frasers Property and assumed the title of chairman emeritus at the Singapore-listed developer. A month earlier, he quit as the chairman of Fraser and Neave. But he retains control of TCC Group, the conglomerate with significant holdings across beverage, real estate, consumer goods and retail companies. Earlier this month, Frasers Property said in a filing it was seeking to take Frasers Hospitality Trust private. Charoen appears to be avoiding a succession drama that has plagued other wealthy families in Asia. He began the restructuring of his holdings as part of plans for passing down the investments to his children, Wallapa Traisorat, Asset World's chief executive officer and Charoen's daughter, said in an interview last year. In March 2024, share transactions among two major shareholders of Asset World sparked a two-day jump in overseas investor net selling of Thai equities. Charoen's recent public appearance, in which he was photographed in a wheelchair, came at the opening of the US$3.6 billion 'One Bangkok' property project in October, his family's biggest real estate venture. Charoen's children also include Thapana Sirivadhanabhakdi, Thai Beverage's chief executive officer, Thapanee Techajareonvikul, CEO of Berli Jucker, and Panote Sirivadhanabhakdi CEO of Frasers Property. Charoen's spouse, Wanna, passed away in 2023. 'I would like my business to have a sustainable growth by avoiding any excessive spending and borrowing beyond its capacity,' Charoen said during a recent interview with the Thai Chamber of Commerce. BLOOMBERG
Mint
5 days ago
- Business
- Mint
Thai Billionaire Hands Stakes in Major Companies to Children
(Bloomberg) -- Thailand's second-richest person Charoen Sirivadhanabhakdi transferred ownership of two major listed companies to his five children as the octogenarian businessman pulls back from day-to-day management of his beer-to-property conglomerate. Charoen sold all of his shares in Sutthasup 9 Company to his offspring, according to late Monday filings of Asset World Corp. and Berli Jucker. Sutthasup 9 has indirect control of the companies. The statements did not say how much Charoen owned in the companies. Major shareholders' restructuring will have no impact on current management structures, business operations and strategic direction of the companies, the filings said. Berli Jucker's shares fell as much as 3.3%, while shares of Asset World dropped as much as 3% in Tuesday trading. The key benchmark stock index slid 1.6%. Charoen, 81, has a net worth of about $11.6 billion, according to the Bloomberg Billionaires Index. Charoen's business empire includes Thai Beverage Pcl, the nation's largest whiskey and spirits maker, Fraser and Neave Ltd., a Singapore-based food and beverage maker, and Frasers Property Ltd. Chaoren has been gradually pulling out of active leadership positions in his group companies. In February, he retired as the chairman of Frasers Property and assumed the title of chairman emeritus at the Singapore-listed developer. A month earlier, he quit as the chairman of Fraser and Neave. But he retains control of TCC Group, the conglomerate with significant holdings across beverage, real estate, consumer goods and retail companies. Earlier this month, Frasers Property said in a filing it was seeking to take Frasers Hospitality Trust private. Charoen appears to be avoiding a succession drama that has plagued other wealthy families in Asia. He began the restructuring of his holdings as part of plans for passing down the investments to his children, Wallapa Traisorat, Asset World's chief executive officer and Charoen's daughter, said in an interview last year. In March 2024, share transactions among two major shareholders of Asset World sparked a two-day jump in overseas investor net selling of Thai equities. Charoen's recent public appearance, in which he was photographed in a wheelchair, came at the opening of the $3.6 billion 'One Bangkok' property project in October, his family's biggest real estate venture. Charoen's children also include Thapana Sirivadhanabhakdi, Thai Beverage's chief executive officer, Thapanee Techajareonvikul, CEO of Berli Jucker, and Panote Sirivadhanabhakdi CEO of Frasers Property. Charoen's spouse, Wanna, passed away in 2023. 'I would like my business to have a sustainable growth by avoiding any excessive spending and borrowing beyond its capacity,' Charoen said during a recent interview with the Thai Chamber of Commerce. (Adds shares in the fourth paragraph and more details beginning in the sixth paragraph.) More stories like this are available on
