ASEAN KEY DESTINATIONS
December 5, 2008
Thai brewer to raise $10.5m in Bangkok share sale
The firm, Thailand’s largest brewer and distiller, said it would offer 80 million existing shares at a price of 4.69 baht each to institutional investors and the public from December 4 to 9. The offer price is close to its closing price of S$0.220 in Singapore on Wednesday.
SCB Securities, a unit of Siam Commercial Bank , and Phatra Securities , are financial advisers for the share sale.
The sale will make Thai Beverage the second Thai firm to have a dual listing in Singapore and Bangkok after mobile phone operator Total Access Communication.
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.
After the sale, the company will have 19.43 percent of its shares traded on the two bourses.
Thai Beverage, maker of market leaders Beer Chang and Mekhong whisky, was listed on the Singapore bourse in May 2006 after it faced public opposition to its listing plans in Thailand.
The share sale comes at a time of bearish sentiment in the Thai market, which has been depressed by the global financial crisis and domestic political instability.
The main Thai stock index has fallen 54.2 percent this year and hit its lowest in nearly five years last week.