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Singapore: ThaiBev to allocate 18 mln baht for expansion this year
Thai Beverage (ThaiBev), the Singapore-listed food and beverage company, plans to allocate 18 billion baht this year for expansion both domestically and internationally.
Chief executive Thapana Sirivadhanabhakdi unveiled the group's "Passion 2030" vision, a new five-year strategic plan that promises agility to adapt to evolving consumer behaviour, providing digital solutions catering to customer needs and preferences.
As the service sector has huge room for growth, the group views the digital platform as primed for expansion.
Prapakon Thongtheppairot, executive vice-president in charge of spirit products, said the company will grow its spirits product group over the next five years by exploring opportunities in foreign markets. The company set a total investment budget of 18 billion baht for this fiscal year, from Oct 1, 2024 to Sept 30, 2025, for all products, including food, alcohol and non-alcoholic beverage (NAB). Of the total, the company will invest 2.5 billion baht in Cambodia, he said.
Kosit Suksingha, executive vice-president in charge of NAB and chief of digital and technology, said the company will invest in the AgriValley project in Malaysia with a total budget of 8 billion baht. The project aims to raise 20,000 cows in an area covering 2,726 hectares.
"The project in Malaysia will be an integrated dairy farm with a closed-loop system to serve the local market. The company also sees Malaysia as a base for halal products," Mr Kosit.
He said the company's Thai NAB segment has performed well. The company views Malaysia, Vietnam, Myanmar and Thailand as its strategic core markets for NAB.
While the strategic market includes Singapore, Cambodia and Laos, Indonesia is a promising market for the company, said Mr Kosit.
"Moreover, the overall Thai NAB sector has benefited from the 10,000-baht cash handout scheme," said Mr Kosit.
"Thais have less money as a result of the pandemic, However, I believe the country's economy will gradually improve in the near future through the government's stimulus measures," said Mr Thapana.
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