ThaiBev, on Jan 15, reported a fire incident that took place at Grand Royal Group International’s production facility in Yangon, Myanmar.
The group has an indirect 75% stake in Grand Royal Group.
According to ThaiBev, the fire occurred in the afternoon on Jan 13 and it was “successfully put out” in the early hours of Jan 14. No lives were lost.
The fire happened in the facility’s raw material storage area and was confined to the area. The fire is believed to be an accident although it has been subject to an investigation and assessment.
“Grand Royal Group’s management team is already taking immediate steps to procure replacements of the relevant raw materials in preparation to resume its blending and bottling operations in Yangon within February 2023,” says ThaiBev in its statement.
“The operations in the Mandalay facility remain unaffected. Grand Royal Group does not anticipate any shortage of finished products in the Myanmar market, as Grand Royal Group and its distributors hold sufficient inventory,” it adds.
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The incident is not expected to affect ThaiBev materially for the FY2023.
Shares in ThaiBev closed 1 cent lower or 1.4% down at 70.5 cents on Jan 13.