Thai Beverage puts off beer unit listing again on market pains
FILE PHOTO: A man rides his motorcycle past a beer factory belonging to Thai Beverage in Ayutthaya province, some 80 km (50 miles) north of Bangkok September 11, 2012. REUTERS/Sukree Sukplang
Singapore-listed Thai Beverage said on Thursday it will again defer the spin-off and initial public offering (IPO) of its regional beer business, BeerCo, due to recent market volatility.
The beverage maker cited "prolonged challenging market conditions" as the reason for postponing the spin-off, which was originally planned for early 2020.
The firm, chaired by one of Thailand's richest people Charoen Sirivadhanabhakdi, added it will review the spin-off and listing when market conditions permit.
ThaiBev was looking to raise as much as $1 billion, Reuters had reported in May, citing sources, by selling up to a 20 per cent stake in BeerCo.
