THAI Beverage (ThaiBev) said on Thursday (Sep 28) that it has incorporated a new wholly-owned subsidiary, SpiritsCo, in Hong Kong.

According to the bourse filing, SpiritsCo is incorporated as an investment holding company with an initial issued share capital of HK$300,000 (S$), comprising 300,000 shares. The investment was funded through internally-generated funds.

In March, ThaiBev was reported to be exploring options for its spirits business, including an initial public offering in Singapore. Bloomberg reported that the company had also held initial discussions with banks on alternatives, including selling a stake.

ThaiBev later clarified that it had not made any concrete plans to list or sell its spirits business. It said in March it “continually evaluates strategies and opportunities to optimise its various businesses, and regularly engages with professional advisers and banks”.

ThaiBev previously attempted to bring a separate brewery unit, BeerCo, to list in Singapore in 2021. It said in August 2022 that it was deferring the potential spin-off and listing of BeerCo in view of “prolonged challenging market conditions”.

Shares of ThaiBev closed 0.9 per cent lower at S$0.58 on Thursday, before the announcement.

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