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Thai Beverage seeks to expand in ASEAN region over next five years

Published 12 October 2015

Thai Beverage is planning to invest THB15bn ($422m) to expand in ASEAN region over the next five years.

The group, which is owned by Sirivadhanabhakdi family, expects to go ahead with its expansion strategy despite Thailand's sluggish economy.

As part of the expansion strategy, the firm intends to create new products and encourage its distribution agents to boost sales, reported Straitstimes.com.

Thai Beverage group president and chief executive Thapana Sirivadhanabhakdi was quoted by the website as saying that the company is expanding its business as part of its 2020 strategy.

The company intends to tap the economic growth potential in ASEAN due to trade liberalisation.

Sirivadhanabhakdi said: "We believe in the potential of Asia, particularly Asean.

"The combined GDP [gross domestic profit] of all member countries in Asia is as high as 80 per cent of the world's GDP but most well-known international brands in the region are from the east, particularly Japan and South Korea.

"There are no brands from Southeast Asia, which has great potential to be successful and be able to raise its reputation in the international arena."

The firm reported 4.5% growth in the first six months compared to the same period a year, with revenues of THB84.6bn ($2.3bn). It posted 8.2% increase in net profit to THB12.4bn ($340m).

In line with the expansion strategy, it intends to spend THB5bn ($140m) annually over the next five years to upgrade its manufacturing facilities.