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Y92 - Thai Beverage PCL News Story

S$0.73 -0.0  -0.7%

Last Trade - 9:04am

Sector
Consumer Defensives
Size
Large Cap
Market Cap £9.93bn
Enterprise Value £14.89bn
Revenue £6.23bn
Position in Universe 158th / 6141

Thai Beverage revives plan for $2 bln Singapore IPO of regional beer assets -sources

Fri 15th January, 2021 6:07am
By Anshuman Daga and Scott Murdoch
    SINGAPORE/HONG KONG, Jan 15 (Reuters) - Thai Beverage PCL
 TBEV.SI  has revived plans to list regional beer assets through
a Singapore initial public offering (IPO) that could raise about
$2 billion, people familiar with the matter told Reuters.
    The Singapore-listed firm, one of Southeast Asia's largest
drinks makers, is preparing to list as early as the first half
of 2021 but it could spill into the second, the people said.
    A $2 billion listing, though lower than a previously
estimated $3 billion issue, would still be the largest deal in
the city-state in more than eight years, Refinitiv data showed.
    The listed entity is likely to house Thai Beverage's beer
assets in its main markets of Thailand and Vietnam, said the
people, who declined to be identified as they were not
authorised to speak to the media.
    Thai Beverage, controlled by billionaire Charoen
Sirivadhanabhakdi, did not respond to a request for comment.
    The drinks maker, which sells beers including Chang lager as
well as spirits such as Mekhong rum, initially targeted a
mid-2020 listing but shelved the plan due to the COVID-19
pandemic as countries imposed restrictions on movement.
    In May it said it would revisit the plan when the global
economic outlook improves. Bringing it back now signals
confidence that the restrictions, which impact beer consumption,
will start to ease as vaccination campaigns spread regionally.
    The deal includes Vietnamese brewer Sabeco, bought for
nearly $5 billion in 2017, and which Thai Beverage in December
2019 said it had no intention of selling outright.
    In June, Sabeco said business was beginning to regain
momentum after sales slowed down during the pandemic and
following tough new drink-driving laws.
    The last major IPO among Thai Beverage's peers was that of
Budweiser Brewing Company APAC Ltd  1876.HK  which raised $5
billion in Hong Kong in September 2019. Its shares have fallen
10% since the listing.
    Singapore's IPO market has been dominated by real estate
investment and business trusts, driven by yield-hungry retail
investors. Still, the city-state has not seen any blockbuster
listings outside that sector.

 (Reporting by Anshuman Daga and Scott Murdoch; Additional
reporting by Chayut Setboonsarng in Bangkok; Editing by
Christopher Cushing)
 ((anshuman.daga@tr.com))
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