Oishi Group is to be delisted from Thailand’s stock exchange after majority shareholder Thai Beverage Co. (ThaiBev) acquired more of the business.

ThaiBev has acquired another 70,662,764 shares in Oishi, a stake that represents another 18.84% of the company. The deal brings the Mekhong distiller’s ownership stake in Oishi to 98.5%.

Thailand-based Oishi’s principle activities are the production, sale and distribution of food and beverage products, as well as the operation of Japanese restaurants in Thailand.

Oishi Green Tea and Oishi Chakulsa – flavoured teas – are its core beverage offering. In 2022, Oishi reported revenue of Bt12.8bn ($364m).

ThaiBev acquired a 43.9% stake in Oishi in 2008, stating that the move was in-line with its plans to broaden its core business and increase its non-alcoholic business.

ThaiBev’s revenues for its fiscal year 2022 were Bt272bn ($7.9bn). Its net profit was Bt34bn ($1.03bn) – up 26.2% year-on-year.

Last year, ThaiBev undertook a corporate restructuring, appointing three new members to its executive board. The new structure saw the group organised into three product groups and five ‘functional groups’.

That news followed the announcement that ThaiBev was to delay the spin-off and initial public offering (IPO) of its regional beer business, BeerCo, due to market volatility. 

In March, ThaiBev played down talk it was looking to sell its spirits business. The group said it had no “concrete” plans to sell the division and that it “continually evaluates strategies and opportunities to optimise its various businesses, and regularly engages with professional advisors and banks”.

For the year ending 30 December 2022, ThaiBev’s spirits business generated sales of Bt116bn (US3.4bn). Last year, the spirits division’s net profits decreased by 1.1% year-on-year.

Last month, ThaiBev majority-owned Singapore-based subsidiary Fraser and Neave announced a deal to set up a brewery in Myanmar.