SINGAPORE (Oct 12): Thai Beverage has acquired two spirits production facilities in Myanmar that distil, blend and bottle the Grand Royal brand of spirits.

“Grand Royal is the largest and No. 1 whiskey player in Myanmar, providing customers and consumers with exceptional high quality products and outstanding services,: says ThaiBev.

The acquisitions were made through the purchase of a 75% stake in Myanmar Supply Chain and Service Co. and Myanmar Distillery Co. from four third-party vendors by subsidiary International Beverage Holdings.

The total cash consideration for the stake was US$741.6 million ($1 billion) which include shareholder’s loans amounting to $73.9 million.

The facilities are located in Yangon and Mandalay.

ThaiBev says the consideration were calculated pursuant to negotiations between the two parties on a willing buyer, willing seller basis, taking into consideration the earnings, financial position, and management experience of the target businesses, the potential for growth in the spirits business in Myanmar as well as ThaiBev’s Vision 2020 strategy to expand the business in South-east Asia.

Shares in ThaiBev closed 2 cents higher at 94 cents.