Thai Beverage IPO on ice amidst worsening pandemic

The beverage giant had planned to sell a 20% stake of its beer business on the Singapore Exchange.

BeerCo Limited, the beer producing arm of the Thai Beverage Public Company (ThaiBev), has defered its Singapore Exchange listing.

In a statement, Thai Bev cited the worsening COVID-19 pandemic in the mainland Southeast Asian state, a volatile outlook, and uncertain market conditions as reasons for this delay.

COVID-19 cases continued to surge in Thailand, with a record-breaking 1,767 fresh cases noted Sunday. This brought the total confirmed cases to 42,352.

"ThaiBev will closely monitor the market conditions, evaluate and explore opportunitiesto maximize shareholders’ value. The Proposed Spin-off Listing will be reviewed at the appropriate time," Company Secretary Nantika Ninvoraskul said.

Business tycoon Charoen Sirivadhanabhakdi heads Thai Beverage, and is one of Southeast Asia's largest drink makers. Its beer brands include Chang, Archa, Federbrau, and Bia Saigon.

It received a go signal from the Singapore Exchange on February for its planned IPO.