Thai Beverage has deferred the initial public offering (IPO) of its brewery unit in Singapore, citing “prolonged challenging market conditions” for its decision.

In a statement to the Singapore Exchange, the beer and alcohol giant said it will continue to monitor market conditions and explore opportunities to maximise shareholders’ value including potentially reviewing the proposed spin-off listing “at an appropriate time”.

The announcement comes just months after the firm said it intended to resume the listing of BeerCo. and conduct a public offering of as much as about 20 per cent of the unit. 

The IPO was set to potentially be Singapore’s biggest since NetLink NBN Trust’s US$1.7 billion offering in 2017, data compiled by Bloomberg showed. Bloomberg