Thailand: Thailand's largest brewer Thai Beverage to meet the chief of Singapore Exchange
Thailand's largest brewer, Thai Beverage Pcl is to meet the chief of Singapore Exchange Ltd. Charoen Sirivadhanabhakdi, the founder of Thai Beverage Pcl, will discuss most probably an invitation for his company to list its shares in Singapore when he meets Singapore Exchange Chief Executive Officer Hsieh Fu Hua in Bangkok, Kasemsant Weerakun, the spokesman for Thai Beverage, said by phone on January 3, according to a report of Bloomberg.
Thai Beverage is the holding company for the alcohol business of Charoen, 60, whose wealth is estimated at $3 billion by Forbes magazine. Opposition from anti-alcohol and religious groups has forced regulators to indefinitely delay the company's plan to list on Thailand's stock exchange, in what may be the country's biggest initial public offering.
``We are ready to wait for the regulators, as long as it takes,'' Kasemsant said on Dec. 20, reiterating the company's earlier comments that it was Charoen's intention to list the company in Thailand. Thailand's Securities and Exchange Commission said Dec. 13 it will delay a decision on the brewer's planned share sale until a new law for additional controls on alcohol consumption is passed. It did not say when it expects the law to be passed.
The company, which makes Chang beer and Mekhong whiskey, wants to raise money to pay debt and expand abroad as competitors such as San Miguel Corp., the biggest Philippine brewer enter the Thai market. Other exchanges, including those in Hong Kong and London, have courted the company to sell shares overseas, Vorapak Tanyawong, managing director of the Thai unit of JPMorgan Chase & Co., which is advising Thai Beverage, told reporters in February last year.
Thai Beverage, with sales of 960 million liters of beer in 2005, controls about 60 % of the country's beer market. The company also dominates the Thai whiskey market.
Charoen also controls Berli Jucker Pcl, a publicly listed importer and distributor of products ranging from consumer goods such as French and Australian wine, toiletries and snack food to industrial chemicals.
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