ASEAN KEY DESTINATIONS
Thai Beverage plans listing on Thai bourse
Thai Beverage Plc planned to sell 80 million existing shares to investors in Thailand as part of plans to list in Thailand as well as Singapore, Reuters quoted the company as saying Wednesday.
That would make Thailand’s largest brewer and distiller, the second Thai firm to have a dual listing in Singapore and Bangkok after Total Access Communication.
"It should take about 30 days for the paperwork to be done and we hope we can list on the Thai bourse this year," director and senior Vice President Ueychai Tantha-Obhas told reporters.
The 80 million shares, accounting for 0.3 percent of the total, will be sold by Siriwana Co Ltd, an investment arm of liquor tycoon Charoen Sirivadhanabhakdi, who founded and controls Thai Beverage.
Including existing stock traded in Singapore now, the company would have 19.43 percent of its shares traded on the two bourses, Ueychai said.
Thailand's SCB Securities, a unit of Siam Commercial Bank , and Phatra Securities are financial advisers for the share sale.
Ueychai said he did not expect opposition this time.
"Thai Beverage is a Thai company and we want to list in Thailand. We don't know when the market will recover, but we have to go ahead with the plan," he said, when asked about bearish sentiment in the Thai market, spooked by the global financial crisis and domestic political instability.
The Thai stock index fell 2.8 percent on Wednesday to 465.24, not far from a five-year low. In Singapore, Thai Beverage shares closed up 2.22 percent at S$0.23, while the broader Singapore market lost 5.2 percent.