Hot stock: ThaiBev falls 4.7% after delaying spin-off listing

THAI Beverage Public Co (ThaiBev) shares took a beating on Monday morning after the company said it would defer the proposed spin-off and listing of its subsidiary BeerCo on the Singapore Exchange.

The counter fell as much as five Singapore cents or 6.7 per cent to 69.5 cents on Monday. It was down 3.5 cents or 4.7 per cent to 71 cents after 53.2 million shares changed hands as at 9.41am.

In an exchange filing on Friday evening, the beer and liquor giant said conditions were not conducive for the proposed spin-off listing, and it would defer the listing "for the time being" after consulting with its financial advisers.

BeerCo, an indirect wholly-owned subsidiary, has three breweries in Thailand as well as an interest in a network of 26 breweries in Vietnam. Its business includes the production, distribution and sales of beer, including the Chang and Bia Saigon brands.