Thailand: Thai Beer giant plans to list in October - source
Thai Beverage PCL, the country's top liquor and beer maker with popular brands such as Chang beer, is expected to list shares on the Thai bourse in October, a source close to the deal said on Friday, July 8, according to Reuters.
Shareholders approved the listing plan at a special meeting on Friday, more than 3 months after the IPO was temporarily shelved following protests by social activists. Details of the listing would be filed to Thailand's Securities and Exchange Commission (SEC) next month, said the source, who works for a financial adviser on the deal and declined to be identified.
"We expect to submit the filing in August. After the SEC approves the plan, the public share offer is expected to be launched in October," the source said, adding that the exact timeframe would depend on market conditions.
The financial advisers for the initial public offering (IPO) are Phatra Securities and SCB Securities.
The company plans to issue 7 billion new shares with a par value of 1 baht ($0.24) each to raise capital. Analysts expect the IPO to raise 40-50 billion baht.
Thai Beverage, a holding company owned by liquor tycoon Charoen Sirivadhanabhakdi, initially delayed the listing last year to rationalise its far-flung operations -- which also produce the top selling Mekong whisky -- into one company.
The last attempt to go public was in March, but the plan was put on hold after thousands of Buddhist monks and anti-alcohol campaigners marched on the stock exchange, calling the listing immoral because it would promote drinking.
Buddhist monks, anti-drink driving campaigners and academics allied to get the listing scrapped, arguing it would encourage drinking, especially among young Thais whose drinking is on the rise according to some studies. ($1=41.68 Baht)
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