SINGAPORE (BLOOMBERG) – Thai Beverage has deferred the initial public offering (IPO) of its brewery unit in Singapore once again, citing “prolonged challenging market conditions” for its decision.
The maker of Chang Beer said it will continue to monitor market conditions and explore opportunities to maximise shareholders’ value, including potentially reviewing the proposed spin-off listing “at an appropriate time”.
The announcement on Thursday night (Aug 11) comes just months after the firm said it intended to resume the listing of BeerCo and conduct a public offering of as much as about 20 per cent of the unit. ThaiBev, controlled by Thai tycoon Charoen Sirivadhanabhakdi, was seeking about US$800 million to US$1 billion (S$1.1 billion to S$1.37 billion) in the unit’s IPO, people familiar with the matter previously said.
BeerCo received conditional approval from the Singapore Exchange for a listing and started gauging investor demand for the offering in June.
ThaiBev previously halted plans for the IPO in May 2020 due to Singapore’s lockdown in the early days of Covid-19. A second effort was thwarted by the worst wave of the country’s outbreak.
The IPO was set to potentially be Singapore’s biggest since NetLink NBN Trust’s US$1.7 billion offering in 2017, according to data compiled by Bloomberg.
source https://netdace.com/latest-news/thaibev-defers-brewery-units-singapore-ipo-plans-once-again/