THAILAND: ThaiBev poised to gain Thai listing approval - report
Thai Beverage is on the verge of finally succeeding in getting a listing in its home country, according to local reports.
The company, which owns the Chang beer and Sangsom rum brands, had initially looked to float in Thailand in 2005, but shelved the plans due, in part, to the then-imminent introduction of a new law governing alcohol in the country as well as public opposition to a listing for an alcoholic drinks company. Following the decision, ThaiBev, as the company is more widely known, listed on the Singapore Exchange instead.
"The [Thailand] listing is in line with our business plan," Jureegasa told the paper. "Regulatory control of the alcohol business has been strengthened following the passage of the Alcohol Control Act."
A report in Thai newspaper The Nation today (19 November) cited Anuchit Jureegasa, ThaiBev's assistant vice president for corporation communications, as saying that ThaiBev has prepared for the listing and is working with the Securities and Exchange Commission and the Stock Exchange of Thailand on the public offering.
The board of the SEC is set to meet on Friday (21 November) to consider ThaiBev's filing. The company hopes to sell around 80m shares as part of its listing.
Buddhism, which is by far the main religion in Thailand, frowns on consumption of alcohol. Around 1,000 protesters, including many from religious groups, are expected at the Stock Exchange of Thailand's office tomorrow, demanding clarification on the exchange's ethical standards if ThaiBev were allowed to trade on the country's bourse, the paper added.
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