It now owns 75% of the company.
ThaiBev bought a 75% stake in Myanmar Supply Chain (MSC) and Myanmar Distillery (MDC) for US$742m.
According to RHB, the MSC and MDC operate two spirit production facilities in Yangon and Mandalay under the Grand Royal brand, which currently dominates Myanmar's whisky market with a 70% market share.
The acquisition marks ThaiBev's comeback in Myanmar's alcohol market, after Fraser & Neave (F&N) sold its stake in the Myanmar Brewery in 2015.
Myanmar's per capita consumption of spirit is still "very low" compared to other non-Muslim countries in Asia. Volume of spirit consumption could grow by as much as 9% within the next five years.
"We believe the acquisition would also give ThaiBev a strong distribution network to export its portfolio of alcohol products to the emerging markets," said RHB analyst Juliana Cai.
Do you know more about this story? Contact us anonymously through this link.