In this success post, we are going to share the story of Charoen Sirivadhanabhakdi, a Thai billionaire businessman. He is the founder of the Thai Beverage, the Chairman of conglomerate TCC group and Fraser and Neave, Ltd.
Charoen Sirivadhanabhakdi’s family is now Thailand’s largest property developer and landlord of 6300000 Rai, plus commercial and retail buildings in Singapore. He also owns around 50 hotels in Asia, the UK, the US, and Australia, which includes the Okura Prestige Bangkok, Plaza Athenee in Manhattan.
In 1988, King Bhumibol of Thailand granted the family the name “Sirivadhanabhakdi”.
Charoen Sirivadhanabhakdi Early life
Born to a Thai Family of Chinese origin, he is the sixth of 11 children of a poor street vendor who migrated to Bangkok from Southern China. He left school early, at the age of nine, to work. To this, day Charoen speaks Teochew, his native Chinese dialect, as well as Thai.
Charoen Sirivadhanabhakdi Business career
Charoen Sirivadhanabhakdi started by supplying distilleries producing Thai Whiskey, which were a state-run monopoly at the time. Through the contacts he made, he acquired a license to produce his own alcoholic drinks. All liquor production was state-owned at the time, and Charoen was able to get rights to 15 percent of the market.
In the year 1985, the remaining 90% of the state licenses were opened to bids. Charoen was able to take out a $200 million loan using his large stocks of alcohol as collateral and soon after won 100% of the concessions.
With this monopoly, Charoen beverage companies were able to return $600 million in royalties to Thailand excise department in 1987, five percent of the national budget at the time.
Charoen Sirivadhanabhakdi is the founder and Chairman of the TCC Group, a Thai Beverage and real estate conglomerate. The group has more than 70000 employees, and its flagship subsidiary, Thai Beverage, is the largest beverage company in Thailand. He is also the chairman of the food and beverage company Fraser & Neave in Singapore.
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