This story is part of Forbes’ coverage of Thailand’s Richest 2023. See the full list here.
Sathien Sathientham, whose $1.5 billion fortune stems largely from Carabao Dang, an energy drink named after a popular rock band, is getting into large-scale beer brewing. He’s investing 4 billion baht ($115 million) to build a factory in central Thailand with the aim of capturing 3% of the estimated 257-billion-baht domestic beer market in the first year of operations.
The investment is being made through Tawandang Brewery, which Sathien established last year. The first batch of beer is expected by year-end and distribution will be through Bangkok-listed Carabao Group, the energy drink maker Sathien cofounded in 2002 with his pal, singer Yuenyong Opakul, who goes by the stage name of Aed Carabao, and business partner Nutchamai Thanombooncharoen (No. 38).
Carabao will have “minimal risk distributing those products” because it’s standard practice for retailers to pay upfront for alcohol products, Romtham Sathientham, Sathien’s son and managing director of Carabao, says in a phone interview in June. “There’s also minimal incremental cost as we’ll be using the current sales structure,” he adds. But the new beer will face entrenched brands: Chang, brewed by liquor tycoon Charoen Sirivadhanabhakdi (No. 3), and Leo and Singha, made by beer baron Santi Bhirombhakdi (No. 20).
Sathien, who recently changed his surname from Setthasit to Sathientham, is also expanding his roughly 50%-owned grocery giant, CJ Express, where his oldest son, Veeratham, is CEO. The retailer added 300 outlets in 2022 for a total of 1,000; it plans to add 600 more by next year.
Meanwhile, his daughter Tientham is managing director at TD Tawandang, which operates more than 5,000 Tookdee convenience stores. Earlier this year, almost 100 Tookdee partners (the stores are run on a profit-sharing basis with local associates) filed complaints with Thailand’s Trade Competition Commission. TD Tawandang did not respond to a request for a comment.