Who owns THB?
THB is owned by STAR (Madagascar).[1]
This ownership is reported in official statements but has not yet been matched to a regulatory filing.
Evidence: STAR — Notre histoire, STAR Madagascar. Last checked .
Key facts
- Current owner
- Brasseries STAR Madagascar reported
- Owner HQ
- 🇲🇬 Madagascar, Antananarivo
- Origin
- 🇲🇬 Madagascar
- Founded
- 1958
- Category
- Beverages › Beer › Lager
- Last verified
- · 1 sources
About THB
THB, or Three Horses Beer, was launched by STAR as a pilsner in 1958 and is the beer of Madagascar in the way a single national brand can be on an island market: the company calls it a love mark and ties it to fihavanana, the Malagasy idea of kinship and solidarity. It has been sold in cans from the Antsirabe plant since 2005, and is the product most associated with the brewer more than sixty years after it was introduced.
Ownership timeline of THB
Where THB sits in STAR
Controlling ownership as of . Brands grouped under the entity that owns them; large groups are collapsed.
Open the full STAR ownership tree →
See the full STAR brand portfolio (9) →
Other brands owned by STAR
STAR controls 9 brands on Brandtree, 9 of them in beverages.
Also in beverages
Other brands in lager, and who owns them
The 200 brands in lager on Brandtree belong to 55 owners. The largest is AB InBev, with 17; STAR has 4.
About the owner: STAR
STAR is a privately held company headquartered in Antananarivo, Madagascar, founded in 1953. Brandtree records 9 brands under its control.
STAR is the dominant drinks producer in Madagascar, founded in 1953 and describing itself as proudly Malagasy ever since. Its own history dates the arrival of each of its products: Three Horses Beer in 1958, the spring water Eau Vive in 1970, a malthouse in 1976, soft drinks production at Andraharo in 1997, PET bottles in 2004 and an energy drink in 2012. It took its present name in 1980, became a fully independent public limited company at privatisation in 1989, and has been affiliated to the French drinks group Castel since 2011. Castel counts the Malagasy business as five production plants, eighteen brands, twenty thousand points of sale, twenty thousand local farmers and two million bottles moved a day.
🇲🇬 THB and other Malagasy brands
Brandtree records a controlling owner for 10 brands that began in Madagascar. All of them are controlled from Madagascar.
- Madagascar Airlines — Madagascar Airlines 🇲🇬
Frequently asked questions
Who is the parent company of THB?
The parent company of THB is STAR, a privately held company headquartered in Madagascar.
Is THB Malagasy?
Yes. THB originated in Madagascar in 1958 and its owner, STAR, is also headquartered in Madagascar.
Is THB still owned by STAR?
Yes. As of 21 September 2026, THB is still owned by STAR. The ownership record was last checked against primary sources on that date.
Sources (1) & corrections
Last verified . Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.
- [1] STAR — Notre histoire — STAR Madagascar, Official document; retrieved 21 September 2026.
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