Latest news with #CharoenPokphand
Forbes
02-07-2025
- Business
- Forbes
Thailand's 50 Richest 2025: Collective Wealth Led By The Red Bull Family Jumps 11% To Cross $170 Billion
No. 1 Charlerm Yoovidhya. clive rose/Getty images This story is part of Forbes' coverage of Thailand's Richest 2025. See the full list here . Thailand's economy is growing at a slower-than-expected pace amid trade tensions and mounting political uncertainty. While a stronger baht mostly offset the 14% decline of the stock market index from a year ago, a huge boost in the fortunes of the top three propelled a more than 11% rise in combined wealth to $170.5 billion. Overall, the net worths of nearly half the listees were up with the biggest dollar jump—$8.5 billion—recorded by the Red Bull family, led by Chalerm Yoovidhya. In the No. 1 position for the second year in a row, their wealth skyrocketed to a record $44.5 billion as annual revenue of the energy drinks giant rose to €11.2 billion ($12.9 billion) in 2024 on worldwide sales of nearly 13 billion cans. The Chearavanont brothers of the Charoen Pokphand group retained their position as the country's second-richest with their net worth up by 23% to $35.7 billion. The group is doubling down on digital infrastructure, investing $1 billion with BlackRock to build data centers. Its fintech unit Ascend Money recently got approval to set up a virtual bank. Energy-and-telecoms tycoon Sarath Ratanavadi climbed two spots to land at No. 3 for the first time with $12 billion. Completing the merger between his Gulf Energy Development and Intouch Holdings and listing the combined entity in April as Gulf Development powered his ascent. Beverage tycoon Charoen Sirivadhanabhakdi's net worth was relatively flat at $10.5 billion and he slipped to fourth place. In a key move, the patriarch transferred some holdings to his five children in May but being the group founder, the fortune continues to be listed under his name. Amid weak consumer sentiment in the retail sector, the Chirathivat family's wealth was down 13% to $8.6 billion. Last October, the group got a new partner: Saudi Arabia's Public Investment Fund acquired a 40% stake in British retailer Selfridges from Austria's Signa Holdings. (Central group retains 60%.) A total of 19 listees faced a downdraft. Coffee magnate Prayudh Mahagitsiri's wealth took a hit as his PM Group's long-standing joint venture with Nestle ended. Two patriarchs died since the last ranking: Vanich Chaiyawan, chairman emeritus of insurance giant Thai Life; and Pongsak Viddayakorn, cofounder of hospital chain Bangkok Dusit Medical Services, who went on to build a separate healthcare business under Principal Capital. Their fortunes are now listed under the Chaiyawan family and the Viddayakorn family. Though the minimum net worth to qualify for the list dropped to $420 million from last year's $550 million, four people fell from the ranks. A notable absentee is renewable energy magnate Somphote Ahunai, whose Energy Absolute faced financial stress. Full Coverage of Thailand's Richest 2025: Reporting by Gloria Haraito and Anuradha Raghunathan. Methodology: This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges and analysts, the Stock Exchange of Thailand and regulatory agencies. Unlike our billionaire rankings, this list encompasses family fortunes, including those shared among extended families of multiple generations. Public fortunes were calculated based on stock prices and exchange rates as on June 13. Private companies were valued based on comparisons with similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don't reside in the country but have significant business or other ties to the country. The editors reserve the right to amend any information or remove any listees in light of new information.
Bloomberg
19-06-2025
- Business
- Bloomberg
Top Thai Billionaires-Backed Groups Win Digital Bank Permits
Three groups led by Charoen Pokphand Group, Gulf Development Pcl and SCB X Pcl have clinched Thailand's new virtual bank licenses to boost competition in the nation's banking industry, according to the central bank. ACM Holding Co., which is part of CP Group, and Advanced Info Service Pcl, a Gulf Development's mobile phone affiliate, secured the permits, Bank of Thailand said on Thursday. SCB X, which formed a consortium that includes China's WeBank Co. Ltd. and South Korea's KakaoBank Corp, also obtained the virtual bank license.
Business Times
02-06-2025
- Business
- Business Times
Thailand's virtual bank race heats up
[BANGKOK] Thailand's finance ministry is set to issue three virtual banking licenses by mid-June – a move that could jolt the country's lucrative but tightly held financial sector, long dominated by a few powerful incumbents. The digital permits aim to inject long-awaited competition into the banking landscape. 'The good thing is that, finally, the government is granting new bank licenses, because they haven't granted new licenses for many decades,' said Chonladet Khemarattana, president of the Thai Fintech Association. Five consortiums have submitted bids, but only three will succeed. The contenders include a 'who's who' of Thailand's corporate heavyweights, including three commercial banks, agroindustry-telecom-retail giant Charoen Pokphand (CP), energy-telecom conglomerate Gulf Energy, and national petroleum company PTT. While the new banks must be majority Thai-owned, at least three foreign virtual lenders – South Korea's Kakao, China's WeBank, and Hong Kong's WeLab – are partnering with the bidders. 'The objective of the virtual banks is to serve the underserved, and in Thailand the undeserved segments are personal loans and SME loans,' he said. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The new virtual banks – required to go live within a year of receiving their licenses – will be entering the Thai market at a challenging moment. Economic growth is losing steam, dragged down by weak consumer spending as traditional banks tighten lending for personal loans and SMEs to avoid a rise in non-performing loans. With up to 60 per cent lower costs than traditional banks – thanks to leaner operations, no physical branches, smaller payrolls and fewer legacy systems – virtual banks are expected to operate on narrower margins and take on greater risk in reaching underbanked customers. In tandem with the licensing process, the Bank of Thailand (BOT) is working on legislation to be passed later this year that will introduce 'open data' to the financial system. The new rules will allow customers to request that banks and securities firms share their personal financial data with other institutions, potentially expanding their credit access. 'Our priority is to put in place data sharing infrastructure, recognising its pivotal role in driving further innovations and efficiency within the financial system,' said Roong Poshyananda Mallikamas, the Thai central bank's deputy governor. 'Open data is a catalyst for financial inclusion. It will enable customers to better use their data to receive improved financial services,' she told a recent seminar. While the new rules will benefit fintechs and startups, virtual banks will also gain from this broader access to consumer data. Three of the consortiums bidding for virtual bank licenses are led by Thai banks – Bangkok Bank, Krung Thai and Siam Commercial Bank. Observers said that the partially-government-owned Krung Thai and monarchy-linked Siam Commercial, are likely to prove winners. Besides its royal connections, Siam Commercial has partnered with Kokao Bank, South Korea's leading virtual bank, and WeBank, part of China's Tencent Group. 'I chose to partner with the bank (Siam Commercial) because they have a long history in Thailand, and they have been very sensible in developing their IT system,' said Daniel Yun, the founder and CEO of Kakao Bank. KaKao has been the leading digital banking app in Korea since 2019, with total assets of US$43 billion at the end of 2024. 'If you set up a new bank that is 100 per cent digital, and using 100 per cent AI-driven data, then we will offer fantastic new services to our users, that is a different banking experience. This is one of our basic strategies to be successful in Thailand,' Yun told The Business Times. Another consortium deemed a likely winner of a virtual bank license is the one led by TrueMoney, Thailand's largest digital wallet app, that is joining forces with Ant, of the Alibaba Group. TrueMoney, a digital wallet with more than 30 million users, is an affiliate of the CP Group, that also owns True mobile telecom service (about 52 million subscribers), and operates the 7-Eleven retail chain (15,000 outlets throughout Thailand), giving them an immense network on which to build a financial system. The True Money app even offers interest bearing deposits on its app, through a partnership with Thailand's Kiatnakin Phatra Bank, which they may well discontinue if they get a virtual bank license, which would allow them to have deposits and make loans on their own. The third front-runner is the consortium led by Krung Thai Bank, which has partnered Gulf Energy – owner of AIS mobile, with 46 million subscribers – and PTT Oil and Retail, which operates the Amazon coffee chain in 2,225 PTT petrol stations nationwide. Among the groups striving to get a virtual bank license are some of the biggest cash cows in Thailand, which are likely to get fatter once they diversify into banking, observers said. 'The big will get bigger but at least the BOT is finally doing something,' said Chonladet, a reference to the 'open data' push that will benefit smaller fintech players. 'It's better than nothing.'
Free Malaysia Today
30-05-2025
- Business
- Free Malaysia Today
Thai poultry industry poised for growth on Brazil bird flu
Lower feed costs boost the competitiveness of Thai poultry. (AFP pic) BANGKOK : Thailand's poultry sector is poised to grow this year, as an avian flu outbreak in top exporter Brazil creates market opportunities, and lower feed costs improve margins for the world's third-largest shipper of chicken meat, industry leaders said. Prasit Boondoungprasert, CEO of Charoen Pokphand Foods, Thailand's largest agribusiness, said the current market situation is favourable for the Thai poultry industry. 'Prices are reasonably good, costs are low,' he said. However, gains for Thailand from Brazil's problems hinge on the length of the bird flu outbreak and the duration of import bans in some markets. 'If it's shorter than three to six months, the impact will be minimal. After that, there will be some upside,' said Veera Titayangkaruvong, investor relations manager at Thai poultry exporter GFPT. Brazil began a 28-day bird flu observation period last week, hoping to confirm disease-free status after disinfecting the affected farm. Global prices of key feed ingredients such as corn and soy meal have declined around 30% in recent years. And while lower costs benefit the industry globally, Thai firms such as CPF, GFPT and Betagro are well positioned due to control of fully integrated supply chains, from feed mills to farms and processing plants. Market share Major importers China and the EU have this month suspended Brazilian poultry imports, while Japan halted meat imports from the southern city of Montenegro due to an avian flu outbreak, opening a window for Thai exporters to capture market share. 'Customers are increasingly thinking about risk management. If they rely too much on Brazil … they have to diversify,' Prasit told Reuters. US poultry prices have risen 3% in May. Veerapong Panjawattanakul, owner of Pongsak Agricultural, said he plans to increase production by 5%, while Anupong Pipatvacharaporn of Somchit Farm in Nakhon Pathom said idle farms could be restarted if prices rise further. 'Chicken coops, the old ones that went out of business, they are being put up for sale (or) rent online.' Brazil's poultry exports dipped in May, according to government data. The outbreak threatens up to 1.5 million tonnes of Brazilian poultry exports and Thailand could fill between 300,000 and 400,000 tonnes of that gap, generating up to US$1.7 billion, said Pimnara Hirankasi, chief economist at Krungsri Research, a unit of Bank of Ayudhya. More than half of Thai chicken exports are processed products, allowing the industry to tap into growing demand for ready-to-eat chicken, compared with Brazil's 2.5%, she said. Before the Brazil outbreak, Thailand forecast an annual rise of 2% in poultry exports, said Kukrit Arepagorn of the Thai broiler processing exporters association. 'It's a positive factor for exports,' he said. 'But it depends on how long the ban on Brazil lasts.'
Reuters
30-05-2025
- Business
- Reuters
Thai poultry industry poised for growth on Brazil bird flu, lower feed costs
BANGKOK, May 30 (Reuters) - Thailand's poultry sector is poised to grow this year, as an avian flu outbreak in top exporter Brazil creates market opportunities, and lower feed costs improve margins for the world's third-largest shipper of chicken meat, industry leaders said. Prasit Boondoungprasert, CEO of Charoen Pokphand Foods ( opens new tab, Thailand's largest agribusiness, said the current market situation is favourable for the Thai poultry industry. "Prices are reasonably good, costs are low," he said. However, gains for Thailand from Brazil's problems hinge on the length of the bird flu outbreak and the duration of import bans in some markets. "If it's shorter than three to six months, the impact will be minimal. After that, there will be some upside," said Veera Titayangkaruvong, investor relations manager at Thai poultry exporter GFPT ( opens new tab. Brazil began a 28-day bird flu observation period last week, hoping to confirm disease-free status after disinfecting the affected farm. Global prices of key feed ingredients such as corn and soy meal have declined around 30% in recent years. And while lower costs benefit the industry globally, Thai firms such as CPF, GFPT ( opens new tab and Betagro ( opens new tab are well positioned due to control of fully integrated supply chains, from feed mills to farms and processing plants. Major importers China and the European Union have this month suspended Brazilian poultry imports, while Japan halted meat imports from the southern city of Montenegro due to an avian flu outbreak, opening a window for Thai exporters to capture market share. "Customers are increasingly thinking about risk management. If they rely too much on Brazil ... they have to diversify," Prasit told Reuters. U.S. poultry prices have risen 3% in May . Veerapong Panjawattanakul, owner of Pongsak Agricultural, said he plans to increase production by 5%, while Anupong Pipatvacharaporn of Somchit Farm in Nakhon Pathom said idle farms could be restarted if prices rise further. "Chicken coops, the old ones that went out of business, they are being put up for sale (or) rent online." Brazil's poultry exports dipped in May, according to government data. The outbreak threatens up to 1.5 million metric tons of Brazilian poultry exports and Thailand could fill between 300,000 and 400,000 tons of that gap, generating up to $1.7 billion, said Pimnara Hirankasi, chief economist at Krungsri Research, a unit of Bank of Ayudhya. More than half of Thai chicken exports are processed products, allowing the industry to tap into growing demand for ready-to-eat chicken, compared with Brazil's 2.5%, she said. Before the Brazil outbreak, Thailand forecast an annual rise of 2% in poultry exports, said Kukrit Arepagorn of the Thai Broiler Processing Exporters Association. "It's a positive factor for exports," he said. "But it depends on how long the ban on Brazil lasts."
