20241119 AM image: Succession planning in Asean

Family-owned business groups in Southeast Asia, such as the Thai Summit Group, IOI Malaysia, Indonesia's Salim Group and companies owned by the Tans in the Philippines are adopting different strategies as they seek to preserve wealth while preparing to hand the reins to the next generation. (Illustration by Yoshiko Kawano)

Southeast Asian family firms lay ground for next generation's succession

Stakes rise for business groups seeking to preserve wealth as heirs multiply

FRANCESCA REGALADO, Nikkei staff writer

November 19, 2024 06:00 JST

BANGKOK -- No company's stock market listing is as eagerly anticipated by Bangkok investors as Thai Summit Group, especially since it secured supply contracts with every major Chinese electric vehicle maker setting up shop in Thailand. The family-owned auto parts manufacturer considered going public a decade ago, but scrapped the plan when political turmoil made market conditions unfavorable.

The company will stay privately owned for now, Senior Vice President Chanapun Juangroongruangkit told Nikkei Asia in September. And that is likely to remain the case while her generation remains in control.