UPDATE 1-Thai Beverage defers plans for $2 bln IPO of regional beer assets as pandemic worsens

(Adds background on cases in Thailand)

April 16 (Reuters) – Thai Beverage said on Friday it was postponing the plan to sell a 20% stake in its regional beer business through a $2 billion Singapore listing, citing a volatile and uncertain outlook aggravated by a worsening COVID-19 pandemic.

The spin-off by the company, controlled by one of Thailand’s richest men, was set to be the largest initial public offering in the city-state in nearly a decade. In January, Reuters had reported that the IPO could raise about $2 billion.

The current uncertain market conditions and volatile economic outlook, due to the worsening health crisis in Thailand and other countries, were not conducive for the spin-off, the company said in a statement to the stock exchange.

Thailand on Friday reported its fifth record daily tally of coronavirus cases this week, with authorities closing schools and bars, and…