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April 19, 2021

ThaiBev postpones BeerCo IPO as Thailand COVID cases spike

ThaiBev has blamed the latest coronavirus surge in Asia for its decision to delay an initial public offering.

ThaiBev has blamed the latest coronavirus surge in Asia for its decision to delay an initial public offering.

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The alcohol group said late Friday that the “current uncertain” market, aggravated by a worsening COVID-19 outbreak in Thailand and other countries, made conditions for an IPO “not conducive”. ThaiBev had announced in February a plan to list brewery unit BeerCo as a separate company on the Singapore Stock Exchange and reportedly raise as much as US$2bn.

ThaiBev’s listed BeerCo unit was to include the company’s Thai and Vietnamese brewery operations. ThaiBev became a major player in the Vietnamese beer market when it took a majority holding in Saigon Beer Alcohol Beverage Corp (SABECO)

The group, which owns the Chang beer brand, said the proposed spin-off will be reviewed at a later date and that it continues to believe in BeerCo’s growth potential.

“ThaiBev will closely monitor the market conditions, evaluate and explore opportunities to maximise shareholders’ value,” it added.

Thailand, where ThaiBev is headquartered, has been at the centre of a coronavirus infection jump in recent weeks. According to Reuters, Thailand reported 1,582 new coronavirus cases on Friday, marking the fifth-straight day of record infection levels. Despite this latest increase, Thailand has stayed relatively clear of COVID-19, reporting only 97 coronavirus deaths.

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Related Companies

Free Whitepaper
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What is the impact of China’s Zero-COVID lockdowns on economic activity, consumer goods and the foodservice industry?

While wanting to protect the country from being overwhelmed by Omicron, China’s adherence to a Zero-COVID policy is resulting in a significant economic downturn. COVID outbreaks in Shanghai, Beijing and many other Chinese cities will impact 2022’s economic growth as consumers and businesses experience rolling lockdowns, leading to a slowdown in domestic and international supply chains. China’s Zero-COVID policy is having a demonstrable impact on consumer-facing industries. Access GlobalData’s new whitepaper, China in 2022: the impact of China’s Zero-COVID lockdowns on economic activity, consumer goods and the foodservice industry, to examine the current situation in Shanghai and other cities in China, to better understand the worst-affected industry sectors, foodservice in particular, and to explore potential growth opportunities as China recovers. The white paper covers:
  • Which multinational companies have been affected?
  • What is the effect of lockdowns on foodservice?
  • What is the effect of lockdowns on Chinese ports?
  • Spotlight on Shanghai: what is the situation there?
  • How have Chinese consumers reacted?
  • How might the Chinese government react?
  • What are the potential growth opportunities?
by GlobalData
Enter your details here to receive your free Whitepaper.

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