Thailand: SET president repeats vow to quit if Thai Beverage listing derailed

Kittiratt Na Ranong, the SET president reiterated on January 15 his intention to step down if Thai Beverage Plc does not list on the market. Mr Kittiratt stated he would resign to take responsibility for the case, which could be resolved today as the Securities and Exchange Commission is scheduled to hold an extraordinary meeting to determine what types of industries are suitable to list on the local capital market, according to Bangkokpost.

About 20,000 people from religious and anti-alcohol groups vow to march to SEC headquarters to protest against attempts to allow Thai Beverage to list. Thai Beverage, a holding company owned by billionaire Charoen Sirivadhanabhakdi, is the producer of market leader Chang Beer, Mekhong rum, and dozens of other liquor brands. The company's listing, anticipated to be the largest private IPO in market history with a fund-raising target of 40 billion baht, has been delayed since mid-2005 due to opposition.

The company has announced plans to list on the Singapore Exchange to raise funds for expansion, although a dual-listing with the SET would be considered. Meanwhile, the SET yesterday announced a five-day suspension of shares of International Engineering due to suspicions of price manipulation.

Mr Kittiratt, in an unusual Sunday briefing, communicated that IEC shares rose from 1.29 baht in September to as high as 4.88 by December, with monthly turnover increasing by 684% over the four-month period. SET officials are investigating 30 parties found to have colluded in IEC trading. IEC shares closed on Friday at 7.40 baht, up 10 satang, in trade worth 816.5 million baht.