Masan, Singha in strategic partnership to better serve 250 million Asean consumers
MASAN Group Corporation has formed a strategic partnership with Singha Asia Holding to immediately enlarge their addressable market.
Their combined food and beverage platform will be scaled up to better serve consumers in the Asean region, with a focus on Vietnam, Thailand, Myanmar, Cambodia and Laos, which have a total consumer base of nearly 250 million.
Masan has a strong Vietnam business in seasonings, convenience foods, coffee and beverages, while Singha, a globally recognised brand, is Thailand’s market leader in beer and non-alcoholic beverages with a fast growing food business.
The combined platforms of Vietnam and Thailand’s leading food and beverage companies will be positioned to win in a fast developing region within Asean whose consumers share similar tastes and preferences.
Long-term commitments
Masan and Singha have made long-term commitments to collaborate closely to gain access to the other’s home market and leverage each other’s strengths in their respective categories, providing consumers in the region a broader portfolio of branded food and beverage offerings.
Palit Bhirombhakdi, chief executive officer of Singha Asia, said Masan would be well received by Thailand’s 65 million consumers, where its key categories such as fish sauce and Vietnamese coffee are appreciated for their unique flavour and origin.
Seokhee Won, deputy CEO of Masan Group and CEO of Masan Consumer, said Masan’s experience has shown that winning the trust and preference of consumers requires a strong operating |platform, which includes deep |distribution, understanding of local preferences, brand building and manufacturing excellence to deliver both superior taste and quality.
Upon closing the US$1.1 billion (Bt39.5 billion) transaction, which will be entirely comprised of new capital, Singha will own 25 per cent of Masan Consumer Holdings and 33.3 per cent of Masan Brewery.
Masan Consumer Holdings |will own the balance of 66.7 per cent of Masan Brewery. The transaction is expected to close by next month.
