Thailand: Thai Beverage is not involved in buying shares in Oishi Group PCL

Thai Beverage is not involved in buying shares in Oishi Group PCL according to the statement of an official at Thailand's largest beer and liquor maker said on December 20, Dow Jones announced.

"Thai Beverage is not involved in the deal. As far as I know there are also no companies in the group participating in the deal," Kasemsant Weerakun, vice president for corporate communication of Thai Beverage, stated.

Oishi founder and major shareholder Tan Passakornnatee Thursday signed a memorandum of understanding to sell at least a 55% stake in the company to a group of offshore and onshore investors. However, Tan and his financial adviser Asia Plus Securities PCL (ASP.TH) declined to give details about the buyers, fueling market speculation that the deal may be linked to Charoen. Oishi is a restaurant-chain operator.

The Nation announced on the same day Charoen plans to turn Oishi into his key listed beverage company in Thailand, while Thai Beverage will pursue a listing on the Stock Exchange of Singapore to avoid confrontation with anti-alcohol campaigners who have protested his plan to list it on the Thai bourse.

Kasemsant stated Thai Beverage already has listed Berli Jucker PCL (BJC.TH) under its group. If the company wants to do backdoor listing, it has no need to buy Oishi.

"We have no plan for a backdoor listing. If we list, we will do it in a graceful way," he said. The listing of Thai Beverage has been put on hold since early this year following strong opposition from a number of social groups on the grounds that it would encourage alcohol consumption, which runs counter to the beliefs of the country's Buddhist majority. There are also claims that the listing is against a stock exchange rule stipulating that listed companies must run businesses that benefit the society.