thaibev feels time is right for set listing

Singapore-traded Thai Beverage, Thailand's biggest brewer and distiller, plans to seek a dual listing on the Stock Exchange of Thailand this year.

The listing decision was made at the invitation of the SET and in light of many favourable factors at this time, including the stable market regulatory environment following the passage of the Alcoholic Beverage Control Act of 2008, Ueychai Tantha-obhas, a director and senior vice president of ThaiBev, said yesterday in Thailand.

Siriwana, which owns 8.75 per cent of ThaiBev, will sell 0.3 per cent or 80 million of ThaiBev shares in the Thai stock market, he said.

The family of Charoen Sirivadhanabhakdi owns 67 per cent of ThaiBev and 100 per cent of Siriwana.

Siriwana has already filed a listing application with the Thai Securities and Exchange Commission, which is expected to take at least a month to review all documents. After the review is completed, the Thai initial public offering (IPO) will be launched.

The IPO share price will be based on ThaiBev's price in Singapore, which is currently 0.225 Singapore dollar(Bt5). ThaiBev has engaged Phatra Securities and SCB Securities as the IPO financial advisers.

Many years ago the company started the listing process here but the move was opposed by a group of protesters, who did not want to see a liquor business listing in Thailand.

ThaiBev earned a net profit of Bt5 billion during the first half, down 4.6 per cent year on year, on revenue of Bt51 billion, up 4 per cent.

If ThaiBev is successful in listing locally this time around, it will be one of only two Thai companies that are dual listed in Bangkok and Singapore.

"If our application is approved, 80 million shares of ThaiBev common stock will be offered to investors in Thailand, with the focus on retail investors," Ueychai said.

When ThaiBev's shares are approved for trading on the SET, ThaiBev should be among the top 10 companies in market capitalisation.

When it listed on the Singapore exchange in May 2006, it was the largest IPO there in over 10 years.