Thailand: Thai Beverage expects to see its listing plans move forward

Thai Beverage, the manufacture of Chang Beer, expects to see its listing plans move forward in the second half of the year, the sources from the Stock Exchange of Thailand have recently communicated. The listing, potentially the largest by a private company in Thai market history, has been delayed for months after strong protests by local religious and social activist groups.

"The next meeting by the SET board will bring a decision on the listing," a SET official said. The exchange board typically meets in the third week of each month, according to Bangkok.

Thai Beverage, controlled by billionaire Charoen Sirivadhanabhakdi, wants to list on the SET to help raise funds for future business expansion. But opponents argue that listing would be morally questionable and akin to using public funds to finance the company's business expansion, ultimately supporting greater alcohol consumption within the country.

Most of the SET directors however are believed to be in favour of the listing, given the company's huge size and the general trend worldwide to take a liberal view on the listing of companies on local stock markets.

Kris Kasemsarn, an executive director at SCB Securities, a financial adviser for Thai Beverage, said he was hopeful that the company would eventually see its listing move forward.

"If the SET rejects the listing application, frankly it would be quite easy for Thai Beverage to list on overseas stock markets. The company is large enough to pass any market's requirements, both in terms of size and revenues," he said.