Thai billionaire transfers stakes in major firms to heirs

Thailand’s second-richest man, Charoen Sirivadhanabhakdi, has transferred ownership of two major listed firms—Asset World and Berli Jucker—to his five children as he retreats from active management of his sprawling conglomerate. Filings showed Charoen divested all shares in Sutthasup 9 Company, which indirectly controls the firms, though stake sizes were not disclosed. The move is part of a broader succession plan, with no expected impact on operations or strategy, the companies said. Shares of Berli Jucker and Asset World fell up to 3.3% and 3%, respectively, on Tuesday, while the Thai benchmark dropped 1.6%. Charoen, 81, remains in control of TCC Group, despite stepping down from top roles at Frasers Property and Fraser and Neave earlier this year.