ThaiBev puts beverage unit IPO in Singapore on ice

BANGKOK — Thailand liquor giant Thai Beverage will postpone a proposed initial public offering of its brewery unit, BeerCo, on the Singapore Exchange, the company said Friday, citing a resurgence of coronavirus cases in its main markets.

The deferment came in “view of the current uncertain market condition and volatile outlook, aggravated by the worsening COVID-19 pandemic in Thailand and other countries, which are not conducive for the proposed spinoff listing,” ThaiBev said in a statement.

The decision came two and a half months after it proposed the IPO. On April 2, it said it has received a conditional eligibility-to-list letter, one of the requirements for listing, from Singapore Exchange Securities Trading.

“ThaiBev will closely monitor the market conditions, evaluate and explore opportunities to maximize shareholders’ value,” ThaiBev said. “The proposed spinoff listing will be…