Carlsberg Group’s ownership stake in Cambrew is now 75%;
Michael Jensen new MD for Carlsberg in Cambodia (Cambrew)
On 13 August 2018, Carlsberg announced that it has increased its ownership in the Cambodian brewer Cambrew Ltd (Cambrew) by 25%, as a result of which the Carlsberg Group now owns 75% of Cambrew.
Over the past 26 years, the Carlsberg Group’s partner in Cambrew, Mr. Goh Nan Kioh, has been instrumental in building up Cambrew Ltd and the Angkor Beer brand to their current positions. Carlsberg entered into the JV partnership with 50% shareholding in 2005. With this new share acquisition, Carlsberg will be taking over management control of Cambrew.
Mr. Goh Nan Kioh remains a Shareholder and will be the Chairman of the new Board of Directors.
From 13 August, Cambrew operations will be run by a new Managing Director, Michael Jensen, who joins after successful stints growing our joint venture businesses in India and, most recently, Myanmar. Michael will relocate to Phnom Penh in August 2018. All members of the management team will report to Michael.
Mr. Goh Nan Yang, previous Managing Director, will remain closely involved in supporting the business as a key member of the Board of Directors.
Cambrew is one of the leading brewers in Cambodia, with approximately 20% market share. Our largest beer brand – the iconic Angkor Premium Beer – remains very popular among Cambodian consumers. We also produce and distribute the Pepsi portfolio for the Cambodian market. With this strong portfolio and extra growth opportunities for our premium international brands, we see long-term upside in profitability from current levels.
Moving forward, Cambrew will be further integrated into the Carlsberg Group, which will give synergy benefits for all functions and will result in some changes to our ways-of-working at a time when the Cambodian beer market is also changing and growing more competitive. Cambrew employees will receive regular updates through team meetings and employee townhall briefings as more information becomes available in the coming weeks.
Graham Fewkes, EVP Asia, comments on Carlsberg’s acquisition of an additional 25% stake in Cambrew: “We have strong confidence in the demographics, economic growth and tremendous long-term potential that the Cambodian market has to offer. By driving the iconic brand Angkor Premium Beer together with our international premium portfolio as well as a successful soft drinks business, we are well positioned to capture the growth opportunities in Cambodia.”
CEO Cees ’t Hart says: “We’re very pleased that we've been able to increase our stake in Cambrew, and we look forward to a continued fruitful cooperation with our partner, Mr. Goh. The Cambodian beer market offers appealing growth opportunities and the transaction is in line with our strategic priority of growing our business footprint in Asia.”