Thai Beverage Logistics has sold its 64.66-per-cent stake in soft drink maker Sermsuk Pcl to So Water Co Ltd for 9.97 billion baht ($277 million), according to Sermsuk’s statement to the Stock Exchange of Thailand (SET).
The share divestment is a part of the internal shareholding restructuring process of Thai Beverage Plc, which wholly owns Thai Beverage Logistics and So Water direct and indirectly, respectively.
Thai Beverage Logistics has divested at the selling price of 58 baht per share, higher than the closing price at 51 baht per share today.
Founded by beverage tycoon Charoen Sirivadanabhakdi, Thai Beverage has become one of the major beverage conglomerates in Thailand, a direct competitor with Singha Corp.
Sermsuk, which was established in 1952, had been an exclusive distributor of Pepsi brands until it terminated its contracts with the United States beverage giant and was taken over by Thai Beverage in 2011.
Thai Beverage, whose brands include Chang beer, Sangsom rum and the Oishi chain of Japanese restaurants, acquired Sermsuk at that time with a view to expand the non-alcoholic product portfolio and broaden its logistic network to traditional trade.
The second largest shareholder in Sermsuk is SS National Logistics, which holds 21.14 per cent, followed by DBS Bank sharing 4.70 per cent.