Charoen Sirivadhanabhakdi's Empire Completes Decade-Long Succession

 

A pivotal moment in the annals of Thai corporate history unfolded on 26th May 2025, as the sprawling business empire of 'Jao Sua Charoen Sirivadhanabhakdi', one of Thailand's most affluent billionaires, formally announced a significant step in its leadership transition.

 

The founder of the vast, multi-trillion-baht TCC Group, renowned for its five core business pillars, has initiated a comprehensive handover of control to his five children.

 

This latest move saw Charoen Sirivadhanabhakdi transfer shares, in equal measure, to his five offspring via Sattha Sub 9 Co., Ltd.

 

The transfers specifically concern three crucial companies previously managed by his three daughters: Thai Group Holdings Plc (TGH), Asset World Corp Plc (AWC), and Berli Jucker Plc (BJC).

 

Sattha Sub 9 Co., Ltd., established in 2022 and directly overseen by 'Jao Sua Charoen', indirectly holds controlling interests in BJC, AWC, and TGH.

 

 

(from left) Charoen Sirivadhanabhakdi and Thapana Sirivadhanabhakdi

 

 

The Five Pillars and Their New Custodians

The TCC Group, an enterprise valued in the trillions of baht, operates a diverse array of businesses both domestically and internationally.

 

Its formidable growth over six decades is testament to the vision of its founders, 'Jao Sua Charoen' and Khunying Wanna Sirivadhanabhakdi, with its foundational wealth notably stemming from strategic ventures within the alcoholic beverage industry.
 

 

With the empire's expansion and diversification into its current five principal pillars, 'Jao Sua Charoen' and Khunying Wanna have meticulously positioned their five heirs to inherit and propel its continued success:

 

Atinant Bijananda, the eldest, is responsible for the insurance and financial services, including both non-life and life insurance under the Akaneay brand, operating through Thai Group Holdings Plc (TGH).

 

 

Wallapa Traisorat, the second heir, spearheads the hospitality real estate sector, overseeing a portfolio of hotels and tourist-centric shopping destinations under Asset World Corp Plc (AWC).

 

Thapana Sirivadhanabhakdi, the third in line, controls the food and beverage arm, where alcoholic beverages (spirits and beer) serve as a lucrative core, generating tens of billions of baht via Thai Beverage Plc.

 

Thapanee Techajareonvikul, the fourth heir, leads the industrial and trading businesses through Berli Jucker Plc (BJC). This venerable, century-old entity manufactures well-known consumer goods and is significantly bolstered by its retail operations, including the Big C hypermarket chain.

 

Panote Sirivadhanabhakdi, the youngest, commands the real estate development division, which spans residential properties and office buildings. His portfolio includes master-piece developments such as the multi-billion-baht "One Bangkok" – a joint venture between TCC Assets (Thailand) Co., Ltd. and Frasers Property Holdings (Thailand) Co., Ltd. – in addition to global ventures.

 

While the specific heir overseeing the fifth pillar, agriculture and agro-industry under "Plantheon", remains less publicly defined, both sons, Thapana and Panote, hold directorships.

 

 

 

A Decade of Strategic Evolution

This recent share transfer, particularly across the three companies managed by the daughters (TGH, AWC, and BJC), marks a significant formalisation of a succession process that has been under way for over a decade.

 

Over the last ten years, the two youngest heirs, Thapanee and Panote, have progressively assumed more operational responsibilities and garnered increased public attention.

 

Thapanee, who has now completed 16 years in the family business, initially worked behind the scenes at BJC and Big C, alongside her brother-in-law who served as CEO.

 

She once told Krungthep Turakij that while she initially sought external employment, her father encouraged her to join the family business to foster understanding, affection for the enterprise, and sibling collaboration.

 

Her journey began within the ThaiBev Group, then insurance, before moving into real estate, primarily managing the family's extensive land bank under TCC Holding.

 

Similarly, in his early career, Panote received direct guidance from his parents, 'Jao Sua Charoen' and Khunying Wanna, who acted as mentors.

 

Furthermore, all his siblings consistently offered support and celebrated each new venture, such as the momentous One Bangkok project.

 

At its official launch, Panote and Thapana took centre stage, symbolising the future leadership, their proud father observing closely from the audience, surrounded by his other children.

 

Beyond these leadership shifts, the empire has undergone significant structural transformations.

 

AWC, for instance, not only restructured for its stock market listing but strategically allocated substantial land assets to its portfolio, empowering Wallapa Traisorat to drive its continued expansion.

 

 

The global success model of Frasers Property Limited—with its robust foundations in Singapore, ASEAN, Australia, and Europe, encompassing logistics, warehousing, retail, office, industrial, and manufacturing sectors—is now being actively applied in Thailand through projects like "One Bangkok" and the recently unveiled "Araya The Eastern Gateway," valued at nearly 20 billion baht across 4,600 rai (approximately 736 hectares), a truly colossal undertaking.

 

 

Financial Scale of the Transformed Empire

The three companies involved in the recent share transfers represent considerable wealth, collectively exceeding 200 billion baht with substantial net profits in 2024:

• TGH: Total revenue over THB 19.9 billion; Net profit over THB 384 million.
• AWC: Total revenue over THB 16 billion; Net profit over THB 5.85 billion.
• BJC: Total revenue over THB 170 billion; Net profit over THB 4 billion.

 

The businesses spearheaded by the sons, particularly Thai Beverage, demonstrate even more significant financial scale:

• ThaiBev (2024): Revenue over THB 340 billion; Net profit over THB 35.2 billion.
• Frasers Property (Thailand) (2024): Revenue over THB 14.5 billion; Net profit over THB 1.438 billion.

 

Cumulatively, the assets of these five key companies alone surpass THB 1.24 trillion :

• TGH: Assets over THB 87.371 billion
• AWC: Assets over THB 196.010 billion
• Thai Beverage: Assets over THB 534.488 billion
• BJC: Assets over THB 334.621 billion
• Frasers Property (Thailand): Assets over THB 96.594 billion

 

This strategic handover to the next generation underscores not only a well-orchestrated succession plan but also the family's meticulous approach to wealth management and tax planning, ensuring the enduring prosperity and transformation of the TCC Group for decades to come.