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Thai Beverage, owned by Thailand’s third-richest man, has approached the Vietnamese government on buying a stake in the country’s largest brewer, an indication that foreign interest in the frontier market remains strong despite a series of botched privatisations, The Wall Street Journal reported yesterday.

ThaiBev, which owns the Chang Beer and Oishi green-tea brands in Thailand, is looking to buy a stake in state-owned Saigon Beer Alcohol Beverage Corp, or Sabeco, which is valued at about US$2 billion (Bt66 billion), people with knowledge of the deal said. ThaiBev is owned by tycoon Charoen Sirivadhanabhakdi.

A Vietnamese government official who did not want to be identified said Sabeco, which is under the Ministry of Industry and Trade, would set up a panel to restructure the company and sell up to 53 per cent to one or several strategic investors. The government currently owns 89 per cent of the brewer, which sells brands including 333 and Saigon Beer and controlled 46 per cent of Vietnam’s beer market last year, according to Euromonitor.

ThaiBev’s interest in Sabeco follows its failure to capture a Myanmar interest. The acquisition of a stake in Sabeco would open up an alternative emerging market to Charoen.

 

TUF sees 17% profit

 

Thai Union Frozen Products, a major producer of seafood products, targets an annual profit margin in a range of 16-17 per cent on expectation of no less than 17 per cent next year after most of its subsidiaries recorded profit.

Teerapong Chansiri, president of TUF, said the company was generating more income from new brands after its recent takeover of King Oscar. 

He said that next year, total income was expected at US$5 billion, up from $4 billion (Bt130 billion) this year. By 2020, the company expects annual 

revenue of $8 billion.