Anti-alcohol network rally at Thai Bev founder's residence

He said the protesters would stay put until Charoen promised not to list ThaiBev in the Thai exchange.

Demonstrators against ThaiBev's SET listing had initially stopped their protest earlier in the day, saying were planning a new move - namely, to have the listing regulations amended.

Vichate Tantiwanich, executive vice president of the Stock Exchange of Thailand, said that in discussions with the seven protest leaders, it was agreed the exchange had no authority to bar the listing, as long as the law allowed it.

Blocking the listing would violate the law. Therefore, if the protesters are against the listing, they must file a petition to have the law amended.

"The leaders expressed their understanding of the exchange's role and the legal framework and agreed to stop the protest. Whether they resume the gathering depends on ThaiBev's decision to refile the listing application," Vichate said, prior to the protesters' decision to camp out in front of Charoen's house.

On Monday, ThaiBev decided to cancel the listing due to the protests, citing it did not want to fuel further conflict in the Kingdom.

At present, the law does not bar alcohol businesses from listing on the exchange, but anti-drinking groups argued they should not be allowed to raise funds from the exchange to finance what they called "sin" operations.

Vichate expected the protesters to approach ThaiBev, to ask the company to delay the listing and not to attempt another listing without telling the public.

"Without legal amendments, if ThaiBev or other alcohol companies file listing applications, the exchange will have no reason to block their attempts as long as the applicants follow the law and listing procedures," he said.

ThaiBev earlier launched a public offering to sell 80 million shares at Bt4.69 apiece, to raise Bt375.2 million. In principle, the company needs to buy back all sold shares now that the shares are not tradable.