**Charoen Sirivadhanabhakdi Transfers Company Ownership to Children**
Thailand’s second-richest individual, Charoen Sirivadhanabhakdi, has transferred ownership of two major publicly listed companies to his five children, marking a significant shift as the 81-year-old businessman steps back from daily management of his extensive beer and property conglomerate. According to recent filings from Asset World Corp. and Berli Jucker, Charoen sold all his shares in Sutthasup 9 Company to his children, who now hold indirect control over these companies. The filings did not disclose the specifics of Charoen’s previous ownership stake.
Despite this major shareholder restructuring, the filings assured that there would be no changes to the current management structures, business operations, or strategic direction of the companies. Following the announcement, shares of Berli Jucker fell by as much as 3.3%, while Asset World shares dropped by up to 3% during Tuesday’s trading session. The key benchmark stock index also saw a decline of 1.6%.
Charoen, with a net worth estimated at $11.6 billion according to the Bloomberg Billionaires Index, oversees a vast business empire that includes Thai Beverage Pcl, the largest whiskey and spirits producer in Thailand, as well as Fraser and Neave Ltd., a Singapore-based food and beverage company, and Frasers Property Ltd. Over the past few months, Charoen has gradually stepped away from active leadership roles within his companies. In February, he retired as chairman of Frasers Property, taking on the title of chairman emeritus, and he resigned as chairman of Fraser and Neave a month prior.
While he has relinquished some leadership roles, Charoen continues to maintain control over TCC Group, which has significant investments in beverages, real estate, consumer goods, and retail sectors. Earlier this month, Frasers Property announced plans to take Frasers Hospitality Trust private.
This strategic restructuring appears to be a proactive measure to avoid the succession challenges that have affected other affluent families in Asia. Charoen initiated this transition to ensure a smooth transfer of his investments to his children, as noted by Wallapa Traisorat, CEO of Asset World and Charoen’s daughter, in a previous interview.
In March 2024, share transactions among two major shareholders of Asset World led to a notable increase in net selling of Thai equities by overseas investors over two days. Charoen’s recent public appearance, where he was seen in a wheelchair, coincided with the launch of the $3.6 billion ‘One Bangkok’ property project, which is his family’s largest real estate endeavor.
Charoen’s children include Thapana Sirivadhanabhakdi, CEO of Thai Beverage; Thapanee Techajareonvikul, CEO of Berli Jucker; and Panote Sirivadhanabhakdi, CEO of Frasers Property. Charoen’s wife, Wanna, passed away in 2023. In a recent interview with the Thai Chamber of Commerce, Charoen expressed his desire for sustainable business growth, emphasizing the importance of avoiding excessive spending and borrowing beyond the company’s capacity.
**FAQ**
**Q: What companies did Charoen Sirivadhanabhakdi transfer to his children?**
A: Charoen transferred ownership of Sutthasup 9 Company, which has indirect control over Asset World Corp. and Berli Jucker, to his five children.
