Japan's Asahi withdraws from Calpis soft drink venture in Thailand
BANGKOK, NNA - Japanese beverage giant Asahi Group Holdings Ltd. has dissolved its "Calpis" beverage brand joint venture with a major Thai consumer goods maker, Osotspa Public Co., by selling its 60 percent stake to the partner.
Asahi will consign to Osotspa the production and sales in Thailand of its fermented milk-derived soft drink, sold under the "Calpis Lacto" brand in the country.
Products formerly shipped to Vietnam and Myanmar from Thailand will be produced in Indonesia, an Asahi spokesman told NNA on Wednesday.
He said the move is part of a portfolio restructuring, while declining to disclose further details.
According to a document submitted by Osotspa to the Stock Exchange of Thailand on Tuesday, Osotspa takes full ownership of the joint venture, Calpis Osotspa Co., with the acquisition of 4.8 million shares for 270 million baht ($8.7 million) from Asahi's Singaporean arm, Asahi Group Holdings Southeast Asia Pte. Ltd.
Established in 2013 as a marketing and sales company for Asahi's signature soft drink, Calpis Osotspa also started production in 2014. (NNA/Kyodo)