ThaiBev postpones SET listing
Thai Beverage Plc, Thailand’s largest brewer and distiller, today decided to cancel its listing in the Stock Exchange of Thailand (SET) after the protests of about 300 anti-alcohol activists.
SET president Patareeya Benjapolchai told a press conference that she had received a letter from Thai Beverage, dated December 8, saying that it wishes to postpone its listing on the Thai bourse for the time being despite being invited to proceed with the listing in order to end the further disruption which could impact negatively on the country’s economy and society.
Patareeya said ThaiBev, whose shares are traded in Singapore, has filed the required documents and the exchange has done its duty transparently, but the SET would suspend the listing as requested by the company.
Last week, ThaiBev began issuing shares in a plan to raise 375 million baht (US$10.5 million) for the listing plan in its homeland.
ThaiBev was listed on the Singapore stock market in May 2006 after it failed to list on the Thai market in its first attempt in 2005 due to heavy protests from anti-drinking activists and Buddhist monks who said the listing would help promote drinking in Thailand.
Meanwhile, SET senior vice president Vichet Tantivanich said the delay of the ThaiBev listing will affect the planned market caps of the SET, which currently has total market capitalisation of about 3 trillion baht. Thai Beverage has a total of market capitalisation of over 100 billion baht.
ThaiBev has approximately 60 percent of market share in Thailand’s the beer market and 70 percent of market share in the country’s spirits market.
Related Posts
Leave your response!