15 December, 2004

Thailand, Bangkok: Thai Beverage PCL, Thailand’s largest alcoholic beverage company, marketing leading beer and spirits brands such as Chang, Mekhong and Sang Som, is likely to be listed on the Stock Exchange of Thailand by April 2004 after the completion of the former's restructuring process, Thai Beverage's financial adviser said Monday, December 13. "The earliest timing should be around April," Krish Detter, vice president and head of the capital markets department at SCB Securities Ltd., told reporters.

Thai Beverage's IPO was postponed to next year from the second quarter this year due to a longer-than-expected restructuring process, according to Dow Jones’ statement. The company, owned by liquor tycoon Charoen Sirivadhanabhakdi, is expected to raise as much as THB40 billion through the IPO, which would make it the biggest private IPO in the Thai market's history.

The IPO of another SCB Securities' key client, the Electricity Generating Authority of Thailand, or EGAT, which was postponed indefinitely from earlier this year due to strong opposition from its employees, will likely be relaunched after the general election next year, Detter added. "The result of the election will affect EGAT's capital raising plan, but the IPO deal should be launched in 2005," he said.

The EGAT IPO, which will likely be the largest Thai IPO ever, is expected to raise at least THB70 billion. However, Detter said the listing plan of state telecom agency TOT Corp. (TOT.YY) may not be completed within 2005 due to the firm's restructuring process. On the back of these large IPO deals, SCB Securities targets to post THB1.4 billion in revenue next year compared with THB1.2 billion this year, the company's Managing Director Chayotid Kridakon told reporters.

The company also aims to boost its income from its investment banking business to around 30% of its total revenue, compared with 25% as of end-September. Separately, Chayotid said the company has no plans to either list on the local bourse nor merge with other securities company.

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