For the second time in 18 months, ThaiBev has put plans on ice for listing its beer business on the Singapore Stock Exchange (SGX). A resurgence of coronavirus cases in its main markets was cited as a reason for the decision.
“In view of the current uncertain market conditions and volatile outlook, aggravated by the worsening COVID-19 pandemic in Thailand and other countries, which are not conducive for the proposed spin-off listing, ThaiBev wishes to announce its decision to defer the proposed spin-off listing for the time being, after having consulted with its financial advisors,” Nantika Ninvoraskul, Senior Vice President Corporate Services at ThaiBev said in a statement on Friday.
Thailand's daily COVID-19 infections hit a record last week, marking another peak of the third wave of the pandemic. As a consequence Thai government announced on Friday a two-week closure of bars, clubs and other nightlife entertainment and a two-week ban on alcohol sales at restaurants in 18 provinces, including Bangkok..
In November 2019, ThaiBev already considered an IPO on SGX (inside.beer, 29.11.2019) but when the COVID-19 pandemic struck the world in early 2020, ThaiBev said it would step back from a listing for the time being. In January 2021, however, Reuters reported that the company had revived plans for an IPO. (inside.beer, 15.1.2021)
In February, ThaiBev fianlly received approval by the Singapore Exchange Securities Trading in relation to the proposed spin-off listing called BeerCo Ltd. (inside.beer, 5.2.2021)