Singapore-listed Fraser and Neave (F&N), part of the Thai Beverage ecosystem controlled by billionaire Charoen Sirivadhanabhakdi, has offered VND98 billion ($3.76 million) in a bid to acquire a soft drink plant of Chuong Duong Beverage JSC, a subsidiary of Vietnam’s largest brewer Sabeco and known for its “Saxi” soda.
Chuong Duong disclosed the proposal in documents prepared for an extraordinary shareholder meeting scheduled for late February.
The bid was submitted by F&N Ventures Pte. Ltd., a subsidiary of F&N, which was founded in 1883 and is one of Southeast Asia’s longstanding food and beverage groups.
Saxi soda produced by Chuong Duong Beverage. Photo courtesy of the firm.
Under the offer to buy the Nhon Trach 3 soft drink plant in the southern province of Dong Nai, VND66 billion ($2.53 million) reflects tangible assets, including machinery and inventory, while VND32 billion ($1.23 million) is attributed to the “Saxi” brand.
The buyer plans to pay 35% upon signing the transfer agreement, 60% upon completion, and the remainder for post-transaction settlements.
Chuong Duong’s board said the proposal “meets the urgent need for cash flow,” as the company has posted five consecutive years of losses. Accumulated losses reached nearly VND350 billion ($13.44 million) by the end of 2025.
In 2025, net revenue fell 12% year-on-year to VND160 billion ($6.14 million), far below the VND260 billion target ($9.98 million). The company recorded a net loss of VND80 billion ($3.07 million) last year.
The Nhon Trach plant, launched in 2019 with total investment of VND80 billion and operational since 2022, was expected to raise production capacity by 50% to 50 million liters annually.
F&N has been steadily increasing its presence in Vietnam. In late 2025, it spent VND6.01 trillion ($228 million) to acquire more than 96 million shares of Vinamilk, or 4.6% stake, strengthening its position as the largest foreign shareholder in the Vietnamese dairy giant.
Earlier, Thai Beverage spent about $5 billion to acquire a controlling 53.59% stake in Sabeco, which currently holds 62% of Chuong Duong.
Chuong Duong’s management said it aims to restore profitability by optimizing operating costs and expanding distribution coverage in southern Vietnam and the Mekong Delta.