Thailand: Thai Beverage Plc is unlikely to be able to list on the Stock Exchange
Thai Beverage Plc, the brewer of Chang beer, is unlikely to be able to list on the Stock Exchange of Thailand if it goes forward with a Singapore listing, said Democrat MP Korn Chatikavanij, Bangkok Post communicated on February 1. Mr Korn, a former chairman of JP Morgan and a respected investment banker, said technical conflicts over dual listings would hinder ThaiBev's entry to the SET.
''I think if ThaiBev does list on the Singapore Stock Exchange, it will have the money needed to raise funds for business expansion,'' he said. ''There are a number of obstacles to dual listings. DTAC, for instance, has been working for a dual listing for a while, to little success even with SET assistance.''
ThaiBev, the holding company controlled by billionaire Charoen Sirivadhanabhakdi, is the producer of market leader Chang Beer, Mekhong rum and a number of other whiskey and spirit brands. The company had been expected to raise up to 40 billion baht last year in what would have been the largest private initial public offering in Thai history.
Its efforts to enter the SET have been delayed by public protests. ThaiBev expects to submit an application to list on the Singapore exchange later this month, after it closes its 2005 accounts.
Mr Korn, speaking at a seminar on the ThaiBev listing at the SET yesterday, said he was personally not against allowing the company to list. ''I think that ultimately the Thai market will lose the chance to have ThaiBev list, even if regulators try to amend the rules later,'' he said.
The Securities and Exchange Commission has delayed consideration of the ThaiBev listing until Parliament approves a new alcohol sales law. But Mr Korn said the SEC had the full power to approve the listing right now.
Arguments that ThaiBev's entry to the SET would lead to greater alcohol consumption are misplaced, Mr Korn said. ''People will still drink, and buy the brands that they like, even if ThaiBev does not list on the market.''
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