Thailand: ThaiBev delays potential listing of beer business until economic outlook gets better
Thai Beverage PCL's potential listing of its beer business could be delayed, with the Bangkok-based beverage company saying it is waiting for a better global economic outlook before reviewing such a move, marketscreener.com reported on May 31.
"In view of the current market and economic conditions," the company will evaluate a listing "at an appropriate time when the global economic situation and outlook has improved," it said in a filing to the Singapore stock exchange late on May 29.
ThaiBev, owned by one of Thailand's richest men, late last year said it was exploring an initial public offering of its beer business in Singapore. The company was seeking to raise up to 2 billion Singapore dollars (US$1.42 billion) early in the first half of 2020, people with knowledge of the process told The Wall Street Journal at the time.
The company didn't disclose the size nor timing of the IPO.
ThaiBev has been hit by lower demand amid the Covid-19 pandemic, with its January-to-March net profit falling 14% and revenue falling 12% as closed businesses and restrictions on movement dented sales in its spirits, beer and food businesses.
ThaiBev owns Thailand's Chang beer brand, as well as a majority stake in Vietnam brewer Saigon Beer Alcohol Beverage Corp., known as Sabeco.
The company on May 29 denied recent media reports that it was seeking a buyer for its Vietnam business.
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