Property tycoon Charoen Sirivadhanabhakdi, Thailand’s second-richest person, has handed over ownership of several major listed companies to his five children in a move seen as part of his succession plan.
Charoen transferred his full stake in Sutthasup 9 Company to his offspring, according to Bloomberg.
The privately held firm, which has indirect control over three of his conglomerate’s core companies—Berli Jucker, Asset World Corp, and Thai Group Holdings, has redistributed its shareholdings equally among his heirs, Thai newspaper The Nation reported, citing information disclosed to the Stock Exchange of Thailand on Monday.
The companies noted that no individual family member holds a significant controlling interest in Sutthasup 9.
Late Monday filings by Asset World Corp and Berli Jucker said the restructuring of their major shareholders would not affect their management, operations, or strategic direction.
The move is seen as part of a long-term succession plan by Charoen, the 81-year-old founder and chairman of beverage and property giant TCC Group, to pass the torch to the next generation in a structured way.
He stepped down as chairman of Singapore-based food and beverage firm Fraser and Neave in January and retired as chairman of Thai-Singapore developer Frasers Property in February.
Born and raised in Bangkok, Charoen entered the Thai beer market in 1995 and later expanded to real estate and hospitality. His business empire also includes Thailand’s largest drinks maker Thai Beverage.
With an estimated net worth of US$11.6 billion, he ranks as the country’s second-richest individual after energy magnate Sarath Ratanavadi, according to the Bloomberg Billionaires index.
Credit: e.vnexpress.net
