While political organisations are demanding a new election as soon as possible, economic groups are urging the new government to restore investor confidence which has been in precipitous decline since the beginning of this year.

Individual stock investors may also have wishes of their own. I would guess one of them would be to list Thai Beverage Plc on the Stock Exchange of Thailand.

It was quite a loss to Thai investors when Thai Bev decided to list on the Singapore Stock Exchange (SGX) in May, after failing to win listing approval from the local securities authorities. It became one of the stocks with the biggest market capitalisation on SGX and effectively raised the attractiveness of the Singapore exchange.

Among newly listed companies, Thai Bev has been a star. Last month, the company won the "Most Transparent Company" award from the Securities Investors Association of Singapore (SIAS) which praised the company's information disclosure process.

It's important to note that when Thai Bev successfully launched its initial public offering worth US$1 billion (Bt37.5 billion), some of the money obviously came from non-Asian foreign funds.

Certainly, if Thai Bev were listed on the Stock Exchange of Thailand, it should reduce selling pressure here, particularly now as foreign funds are scrambling for money to buy the IPO shares of the Industrial and Commercial Bank of China (ICBC). The giant company plans to raise $19 billion to via dual listings on the Hong

Kong and Shanghai stock exchanges.

Stock analysts here expect a sell-off ahead of ICBC's share sale.

It would be nice if Thai Bev came home to prevent the outflows. Under the junta-appointed government, will there be a day when Thai Bev is welcomed on the SET's main board?

achara_d@nationgroup.com