Thailand: Thailand Stock Exchange chief resigned after failing to list country's best-selling brewer

The head of the Stock Exchange of Thailand quit after the local stock market failed to list the country's best-selling brewer, which instead went to Singapore, AFP informed May 24.

Kittiratt Na-Ranong resigned and the stock exchange board appointed his deputy, Patareeya Benjapolchai, as the new president, effective from May 31, the Stock Exchange of Thailand said.

Kittirat had said he would resign if the Thai stock market was unable to list Thai Beverage Public Co. Ltd. producer of the country's best-selling Chang Beer.

Thai Beverage turned to Singapore after strong anti-drinking protests in Bangkok derailed the firm's local listing.

The anti-listing activists include former general Chamlong Srimuang, an opponent of Prime Minister Thaksin Shinawatra, and Buddhist monks, who argued the listing in Thailand would lead to increased alcohol consumption in a nation that is already the world's fifth largest per capita consumer.

Last week Thai Beverage launched an initial share offer worth up to 1.1 billion US dollars in Singapore ahead of its listing at the Singapore Exchange on May 30.

The initial public offering (IPO) was the biggest in Singapore since the share sale of Singapore Telecommunications in 1993.

In addition to Chang beer, which sponsors the Liverpool-based Everton football club, Thai Beverage also produces popular local whisky brands such as Mekong, Sangsom and Hongthong.

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