Thailand's 3rd richest man Charoen Sirivadhanabhakdi transfers stake in beermaker ThaiBev to 5 children

Charoen still has "the authority to manage and make all decisions in respect of the business and assets" of the largest beverage company in Thailand, according to fillings to the Singapore Exchange Monday, as reported by Bloomberg.

Billionaire Charoen Sirivadhanabhakdi in 2006. Photo by Bangkok Post via AFP

This development leaves unresolved the question of who will ultimately inherit Charoen’s vast business empire, valued at an estimated $10.2 billion by Forbes, as succession planning progresses.

Thai Beverage, known for Chang beer and operating distilleries in Scotland, is a central pillar of his wealth. The company also produces Vietnam’s Saigon Beer through its local subsidiary Sabeco.

Among the heirs is Thapana Sirivadhanabhakdi, Charoen’s elder son, who serves as ThaiBev’s CEO.

Last month, Charoen handed over ownership of several major listed companies to his five children.

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.