Hot stock: ThaiBev up 4.4% after resuming spin-off listing plans

SHARES of Thai Beverage (ThaiBev) rose on Thursday (May 5) morning after the beer and liquor giant said it was resuming the proposed spin-off and listing of its brewery unit BeerCo on the Singapore Exchange (SGX).

The counter rose as much as 4.4 per cent or S$0.03 to S$0.705 at 9.20 am, with 21.9 million shares changing hands.

No married deals were recorded, according to ShareInvestor data.

At 10.22 am, its shares were still trading at a high of S$0.705, with 25.5 million shares traded.

In a bourse filing before the market opened on Thursday, ThaiBev said it was resuming the spin-off listing for BeerCo, which business includes the production, distribution and sales of beer including the Chang and Bia Saigon brands.

ThaiBev’s wholly-owned subsidiary International Beverage Holdings, which holds all the issued ordinary shares of BeerCo, will conduct a public offering of up to 20 per cent of the total number of issued ordinary shares of BeerCo.

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The group had in February 2021 received a no-objection letter from SGX for the proposed listing, but then deferred the proposed listing in April 2021 due to uncertain market conditions and a volatile outlook, exacerbated by the Covid-19 pandemic.