Alcoholic and non-alcoholic beverages producer Thai Beverage (ThaiBev) has expanded its business with the establishment of a new venture in East Timor.
The expansion forms a part of ThaiBev's strategy to invest around THB5bn ($153.2m) to increase its food and beverage lines this year in order to boost sales by 12-15% from the current THB162bn ($4.96bn), Bangkok Post reported.
The new venture, called Interbev Timor, will distribute alchoholic beverages, fruit juices and drinking water across the region.
Thai Beverage CEO Thapana Sirivadhanabhakdi said that the company has selected East Timor for its expansion as the region is expected to become a member of ASEAN in the near future.
With the new venture, the company will be able to expand its business to Pacific markets, as East Timor is located close to Indonesia and Australia.
ThaiBev already has presence in all 10 ASEAN member states.
The company has invested around $10,000 in the venture, which has been registered to the company's Hong Kong-based holding entity InterBev Trading.
Earlier in February this year, Chang beer maker Thai Beverage announced plans to acquire 40% of Saigon Beer Alcohol Beverage, which is 89% owned by the Government of Vietnam, for around $1bn.
Image: Thai Beverage produces and distributes alcoholic and non-alcoholic beverages in Thailand and internationally. Photo: courtesy of sakhorn38 / Freedigitalphotos.
