Thai beer magnate extends Southeast Asian push with $4.8bn Sabeco deal
Ho Chi Minh City/Singapore — Thai Beverage has won an auction to buy a majority stake worth $4.84bn in Vietnam’s top brewer, Sabeco, a lofty deal that adds a major asset to the beer-to-property empire of Thai magnate Charoen Sirivadhanabhakdi. The deal is a big step for Charoen, the son of a Bangkok street vendor, who is emerging as one of Asia’s biggest power players in brewing. He dominates his home market with Chang beer and owns Singapore’s Fraser and Neave Ltd. The Sabeco stake will give him control of brands like Saigon Beer and 333. The Sabeco deal will also help Thai Beverage (Thai Bev) tap into Vietnam’s beer market, worth about $6.48 billion last year, where a young population and booming economy are an attractive lure, despite political resistance, a high minimum bid price and a cap on foreign ownership. Thai Bev’s local unit, Vietnam Beverage, was named winner of the 54% Sabeco stake on offer at the auction on Monday after global brewing groups stayed away. It barely had...
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