Opposition to dual-listing
Thai Beverage Plc's independent directors, who represent Singaporean investors, have opposed the company's plan to list on the Thai stock market, claiming the company's image might be hurt due to anti-Singaporean sentiment in Thailand.
A source at the company said that the Singaporean directors are concerned the number of Thai Beverage trading transactions in the Thai stock market would be higher than that in the Singapore Exchange if the company successfully makes a dual listing. The final decision would be made through a board resolution, the source said.According to the company's annual report, the board had two foreign independent directors. Thai Beverage floated 25 per cent through an initial public offering to trade on the Singapore Exchange in May 2006 and it is poised to list on the Thai stock market when the Securities and Exchange Commission (SEC) board of directors approves listing of alcohol firms on the local bourse. Meanwhile, Stock Exchange of Thailand (SET) president Patareeya Benjapolchai told reporters she is confident Thai Beverage's dual listing would create a win-win situation for all related parties. Siriporn Chanjindamanee The Nation
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