Thailand: Thai Beverage will reconsider its plans for Singapore listing

Thai Beverage Plc should reconsider its plans to pursue a stock listing on the Singapore Stock Exchange for Thailand's national interest, The Bangkok Post cited Kittiratt Na Ranong, the president of the Stock Exchange of Thailand on January 10.

Mr Kittiratt said ThaiBev's decision to list in Singapore would represent a huge lost opportunity for the Thai capital market.

ThaiBev officials last week said they would consider a listing on the SGX following months of delay in its application to list on the SET. The company, owned by billionaire Charoen Sirivadhanabhakdi and the brewer of market leader Chang Beer, said it would consider a dual-listing on the SET as well if local authorities eventually approve its listing.

The Thai Securities and Exchange Commission last year delayed consideration of ThaiBev's application for months following large public protests by social activists and religious groups.

Authorities have said they would reconsider the listing application following revisions to laws controlling the sale and promotion of alcoholic beverages.

But Mr Kittiratt said a ThaiBev listing would be a huge gain for the Thai market, adding tens of billions of baht to the SET's market capitalisation and potentially boosting daily trading volume by up to half a billion baht.

''I want to urge ThaiBev to rethink its plan to list in Singapore, because at several points the country will lose many advantages if the company doesn't list here,'' Mr Kittiratt said. ''The listing of the company's shares on the Singapore stock market would obviously deprive Thailand of business opportunities and activities worth several billions of baht.''

Local brokerages, investors and the country itself would also lose huge potential revenues and taxes, he said.

''I believe ThaiBev still loves Thailand. And as a Thai, I know the company has huge profits and a sizeable market capitalisation. So, I want the firm's board to review its decision and give an opportunity to the Thai capital market,'' he said.

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