Shares of Berli Jucker (BJC) and Asset World Corp (AWC) dipped on Tuesday, after billionaire Charoen Sirivadhanabhakdi offloaded control of the two Bangkok-listed companies to his offspring, triggering investor concerns about a change in major shareholders.
The 81-year-old businessman, Thailand’s second-richest person, sold all of his shares in Sutthasup 9 Company to his family members, including his five children, “in equal proportions”, according to filings by AWC and BJC to the Stock Exchange of Thailand (SET) late Monday.
Sutthasup 9 has indirect control of the companies, and the statements did not indicate how much Mr Charoen owned in the companies.
The ownership transfer is the latest step as Mr Charoen pulls back from day-to-day management of his beer-to-property conglomerate.
Major shareholder restructuring “has no impact on current management structure, business operations or the strategic direction of the companies”, the filings said.
AWC said that it continues to operate under the leadership of a management team in accordance with its established business plan for the long-term best interest of its shareholders and stakeholders.
BJC shares fell as much as 3.3% in the morning session on Tuesday and closed down 2.9% at 20.40 baht. AWC shares dropped 3% in the morning session and ended the day down 1.5% at 1.97 baht. The key benchmark SET Index slid 1.3%.
Mr Charoen, according to the Bloomberg Billionaires Index, has a net worth of about $11.6 billion. His business empire includes Thai Beverage, the nation’s largest whiskey and spirits maker, Fraser and Neave, a Singapore-based food and beverage maker, and Frasers Property.
“The drop in the share price seems normal when there is a change in the major shareholding structure, given uncertainties during the transition period,” said Yuwanee Prommaporn, an analyst at Krungsri Securities.
“But we do not think such a restructuring will have an impact on the companies’ business because there is no change in the management which has been in office for several years. Mr Charoen has been gradually pulling out of active leadership positions in his group companies.”
Berli Jucker, which operates modern retail and packaging businesses, has outperformed its peers in terms of operating performance with a same-store sales growth of more than 2% in the first quarter, when its competitors experienced contractions, said Ms Yuwanee.
Krungsri Securities has maintained a low- to mid-single digit same-store sales growth forecast for BJC in 2025, driven by the improvement in the fresh food segment. Packaging sales could recover this quarter from three months earlier, while raw material prices have fallen, she added.
Mr Charoen began the restructuring of his holdings as part of plans for passing down the investments to his children, Wallapa Traisorat, his daughter and AWC’s chief executive, said in an interview last year.
In February, Mr Charoen retired as the chairman of Frasers Property and assumed the title of chairman emeritus at the Singapore-listed developer. A month earlier, he quit as the chairman of Fraser and Neave.
But he retains control of TCC Group, the conglomerate with significant holdings across beverage, real estate, consumer goods and retail companies.
Mr Charoen’s children also include Thai Beverage’s chief executive Thapana Sirivadhanabhakdi; BJC’s chief executive Thapanee Techajareonvikul; and Panote Sirivadhanabhakdi, chief executive of Frasers Property. His wife, Wanna, died in 2023.
This month, Frasers Property announced that it was seeking to take a real estate investment trust (REIT) private at a valuation of US$1.1 billion, its second attempt to buy out the unit.
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