Thai Beverage renews plan for IPO of regional beer assets

Thai Beverage Public

05/05/2022 01:23

May 5 (Reuters) - Singapore-listed Thai Beverage  TBEV.SI 
said on Thursday it would look to sell a 20% stake in its
regional beer business through a Singapore listing, more than a
year after it postponed the plan for a second time due to
pandemic-led uncertainty.
    The spin-off by ThaiBev, controlled by one of Thailand's
richest men Charoen Sirivadhanabhakdi, was set to be the largest
initial public offering in the city-state in nearly a decade
before it was called off in April last year.
    In January 2021, Reuters had reported that the IPO could
raise about $2 billion.  urn:newsml:reuters.com:*:nL4N2M9320
    ThaiBev is one of Southeast Asia's largest makers of drinks
and counts the popular Chang lager among its key brands.
    "The board sees significant growth potential in the beer
business and believes that the potential can better be developed
with a dedicated board of directors and management team focused
solely on growing the beer business," it said on Thursday.
    ThaiBev said it intends to retain a significant majority
stake in the beer business after the spin-off, and will use part
of the proceeds generated from the stake sale to repay
interest-bearing debt.  urn:newsml:reuters.com:*:nSNZ4DHq1y

 (Reporting by Shashwat Awasthi; editing by Uttaresh.V)
 ((Shashwat.Awasthi@tr.com;))