ThaiBev puts off listing of brewery unit
Firm cites pandemic uncertainty for postponing biggest IPO in years in Singapore
SINGAPORE: Thai Beverage Plc has postponed the potential spin-off and listing of its brewery unit, which was on track to be among the biggest initial public offerings in Singapore in a decade, citing the uncertainty of market conditions and the worsening Covid-19 pandemic.
The maker of Chang beer — owned by Thai billionaire Charoen Sirivadhanabhakdi — had been expected to raise around US $2 billion, according to people familiar with the transaction.
Instead, the company will review the proposed spin-off listing “at the appropriate time” while evaluating and exploring opportunities to maximise shareholder value, it said in a statement released to the…
