ThaiBev sets for IPO despite opposition

The company had to scrap its first local listing plan in 2005 due to stiff public resistance and turned to listing on the Singapore Exchange instead.

Anuchit Jureegasa, ThaiBev's assistant vice president for corporation communications, said yesterday that ThaiBev has prepared for the listing and is working with the SEC and the Stock Exchange of Thailand on the public offering.

He quashed rumours that ThaiBev's listing comes at a time when the Thai bourse is suffering from the global economic crisis.

"This process takes time. The listing is in line with our business plan and shortterm market fluctuations are out of the question. Besides, regulatory control of the alcohol business has been strengthened following the passage of the Alcohol Control Act," he said.

ThaiBev plans to sell 80 million shares to the public.

Prasong Vinaiphat, assistant secretarygeneral of the securities watchdog, said that at its November 21 meeting, the SEC's board is very likely to approve ThaiBev's application.

"We have no right to reject the filing. ThaiBev has been screened by the Singapore Exchange. Thus, when the com¬pany is seeking a listing on the Thai bourse, the SEC is just screening and updating its financial statements and [PO] prospectus," Prasong said. "The company has followed the rules."

The SET will then decide if the shares would be listed on the big board.

Prasong said the listing should proceed as planned as the company has revealed all required information.

Vichate Tantiwanich, SET executive vice president, told Bloomberg last week that the shares could probably be sold next month. He also mentioned that the listing plan has drawn fewer protesters this time around, as it doesn't involve raising lots of money.

Representatives of over 300 organisations belonging to a network formed to oppose the listing gathered at Rattanakosin Hotel yesterday to evaluate their strategy. Aside from two petitions to the Stock Exchange of Thailand, the network joined with students in submitting an open letter to Deputy Prime Minister Olarn Chaiprawat and Finance Minister Suchart Thadathamrongvech.

In the morning of November 20, at least 1,000 supporters will gather in front of the Stock Exchange of Thailand's office on Ratchadaphisek Road. Led by Khamron Chudecha, they would seek clarification from SET president Patareeya Benjapholchai on the exchange's ethical standards if ThaiBev, operating in a grey business, were allowed to trade on the bourse.