No concrete plans to list or sell spirits business, ThaiBev clarifies

Wong Pei Ting

Published Thu, Mar 16, 2023 · 11:58 PM

THAI Beverage (ThaiBev) clarified that it has no concrete plans to list or sale its spirits business, after Bloomberg reported that it is exploring options that include an initial public offering in Singapore.

In a late night bourse filing on Thursday (Mar 16), ThaiBev said it “continually evaluates strategies and opportunities to optimise its various businesses, and regularly engages with professional advisers and banks”.

In making the clarification, the company also said it remains confident in its spirits product group, which it calls one of the leading spirits players in Asean and the largest in Thailand, and a core business line for the group.

ThaiBev reported a 13.2 per cent increase in revenue to 272.4 billion baht (S$10.7 billion) and a 22.2 per cent rise in net income to 30.1 billion baht in its 2022 financial year.

The spirits business accounted for 42.7 per cent of revenue and 71.9 per cent of net profit.

Shares of ThaiBev closed up 0.8 per cent at S$0.625 on Thursday.