Question: Marshal Cavendish is the printing and publishing subsidiary of which of Thailand's largest beverage company?
Context: Brau und Brunnen AG ("Brew and Spring") was a German brewing and beverage group which was formed as "Dortmunder Union-Schultheiss Brauerei AG" in 1972 through a merger between Schultheiss-Brauerei and Dortmunder Union-Brauerei.  It was renamed "Brau und Brunnen" in 1988.  It owned a number of formerly independent breweries, including Einbecker Brewery.  Until the early 1990s, Brau und Brunnen was the largest beverage company in Germany, but its market share steadily declined throughout the 1990s.  An additional cause for the decline was the company's purchase of Bavaria – St. Pauli Brewery and Jever for an estimated 800 million DM, although these purchases were later estimated to only be worth closer to 250 million DM.  Other companies engaged in a series of mergers and acquisitions, and by 1999, it had sank to the fourth-largest beverage company and was continually losing money.  After unsuccessful internal reorganizations, the company was purchased by Dr. August Oetker KG and integrated into its subsidiary Radeberger Gruppe. José Antonio Fernández Carbajal (born 1954 in Puebla, Puebla) is a Mexican businessman.  He is the chairman and CEO of FEMSA, the largest beverage company in Latin America.  He is nicknamed 'El Diablo' (The Devil) by certain people and media. The Monarch Beverage Company Inc is a diversified, international beverage company based in Atlanta, Georgia.  The company's CEO is Jacques Bombal.  The company was founded in 1965 by Frank Armstrong.  Monarch Beverage Company aimed to establish itself by offering lesser-known soft drink brands that had strong regional sales and appeal.  Monarch Beverage Company purchased Dad's from IC Industries of Chicago in 1986.  Around that time, it was the second largest volume (12 million cases) root beer brand and was distributed by the Coca-Cola bottler network.  In 2007, The Dad's Root Beer Company, LLC of Jasper, Indiana, acquired the Dad's Root Beer brand as well as the rights to Bubble Up, Dr. Wells and Sun Crest in the U.S. and some other countries from The Monarch Beverage Co. of Atlanta. Blue Sky Beverage Company is an all natural beverage company that produces a large selection of natural soft drinks and energy drinks.  It is a wholly owned subsidiary of the Monster Beverage Corporation.  The company was established in Santa Fe, New Mexico, in 1980 where it remained until it was purchased by Monster (then Hansen Beverage) in 2000.  Coca-Cola North America took ownership of Blue Sky Sodas, Hansen’s Juice Products, Hansen’s Natural Sodas, Hubert’s Lemonade, Peace Tea and other non-energy drink brands as part of Coke’s partnership with Monster Beverage Corp on Jun 12, 2015. Ceres Fruit Juices Pty Ltd, trading as The Ceres Beverage Company, is a beverage company based in Paarl, South Africa.  It produces fruit juice and other fruit based products and is a subsidiary of Pioneer Foods. Olvi is a Finnish brewery and soft drinks company founded in 1878.  It currently holds 18.7% of Finland's market share in beverages, making it the largest Finnish-owned business in its sector.  Its subsidiary, A. Le Coq, is the second largest beverage company in Estonia.  Olvi also has businesses in Latvia (Cēsu Alus), Lithuania (Ragutis) and Belarus (Lidskаe Pivа). Marshall Cavendish is a subsidiary company of Times Publishing Group, the printing and publishing subsidiary of Singapore-based conglomerate Fraser and Neave (which in turn currently owned by ThaiBev) and at present is a publisher of books, business directories and magazines. Marshall Cavendish was established in the United Kingdom in 1968 by Norman Marshall and Patrick Cavendish.  Times Publishing Group acquired it in 1980. Manhattan Beer Distributors is a metro New York–based beverage company.  Manhattan Beer Distributors is the fourth largest beverage distributor in the United States, and the largest single market beer distributor in the country. Pansing is a subsidiary company of Times Publishing Group, the printing and publishing subsidiary of Singapore-based conglomerate Fraser and Neave and at present is a distributor of books, magazines and related media in the Asia-Pacific region. Thai Beverage, better known as ThaiBev (Thai: ไทยเบฟ) (), is Thailand's largest and one of Southeast Asia's largest beverage companies, with distilleries in Thailand, Scotland and China.  Listed on the Singapore Stock Exchange, Thai Beverage Plc has a market capitalization in excess of US$4 billion.
Answer: ThaiBev