Since its hard-fought acquisition of Singaporean beverage conglomerate Fraser and Neave in 2013, Thai Beverage has kept a relatively low profile in the M&A world. But while the company behind the Chang beer and other brands may not have made any headline-grabbing takeovers since then, it has by no means lost momentum.

Thai Beverage has its eyes firmly set on overseas markets. It wants foreign sales to account for half of its annual total by 2020, up from the current 30%. Most of that growth is expected to come from markets in the Association of Southeast Asia Nations. The Dec. 31 launch of the ASEAN Economic Community, which essentially created a single market with a population of over 600 million, will likely make the task easier.