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Straits Times

ThaiBev billionaire leaves his ownership of company to his five children

The move stopped short of handing over full control of Thai Beverage, the drinks giant and maker of Chang beer. PHOTO: CHANG BEER/FACEBOOK ThaiBev billionaire leaves his ownership of company to his five children SINGAPORE - Thailand's richest man Charoen Sirivadhanabhakdi distributed stakes in holding firms which control about 66 per cent of Singapore-listed Thai Beverage to his five children, though stopped short of handing over full control of the drinks giant. The scions of the octogenarian billionaire put into effect a shareholders' agreement which will confer on their father 'the authority to manage and make all decisions in respect of the business and assets' of the entity, according to filings to the Singapore exchange late on June 23. That move means that a key question over who will ultimately take over Mr Charoen's sprawling business empire remains unanswered, as a succession plan gathers pace. The tycoon is worth an estimated US$10.9 billion (S$14 billion), according to the the Bloomberg Billionaires Index. A cornerstone of that is ThaiBev, the maker of Chang beer, which also operates distilleries across Scotland. The share transfer is part of a longer term shift in the holdings of the patriarch and his late wife Khunying Wanna Sirivadhanabhakdi as succession beckons. The company didn't immediately respond to a request for comment. Thapana Sirivadhanabhakdi, his elder son, is ThaiBev's current chief executive officer. The restructuring means he will share the family's controlling stake in the firm with his brother, Panote Sirivadhanabhakdi, who's the CEO of Singapore-listed property developer Frasers Property, as well as three sisters – Atinant Bijananda, Wallapa Traisorat and Thapanee Techajareonvikul. Ms Thapanee is the CEO of Berli Jucker – a conglomerate with interests including grocery retailer Big C, while Ms Wallapa helms Asset World Corp., a Thailand-focused hospitality firm. Shares of ThaiBev were unchanged at 45.5 cents at 11.33am on June 24. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.