THAILAND: Thai Beverages moves forward on IPO
Thai Beverages PCL has submitted a filing to the Securities & Exchange Commission on the planned, but controversial, public listing of the company.
The company will sell some seven billion new shares, according to the filing. Each share has a par value of THB1. The offer price hasn't been set yet.
TBC has come under fire in Thailand from religious and anti-alcohol campaigners who argue that an alcohol company should not be permitted on the stock exchange. Shareholders had approved the listing in July.
Last month, both sides took out adverts in Thai newspapers over the matter. An alliance of 67 religious organisations and 172 anti-drinking groups called for the SEC to consider the social implications of the listing, while TBC detailed its businesses, workforce and its philanthropic acts.
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