ThaiBev may opt not to proceed with BeerCo spin-off; ‘no final decision’ on timing
THAI Beverage : Y92 0% may decide not to proceed with its proposed spin-off listing of brewery unit BeerCo on the Singapore Exchange (SGX) mainboard, if the board deems it to not be in the interest of shareholders, the company said in a Friday (Jul 29) bourse filing.
“Accordingly, there is no certainty or assurance that the proposed spin-off listing will materialise in due course, at all, or in the form as described in the May 5 announcement,” the company said.
ThaiBev was responding to a recent international media report by IFR that the BeerCo listing has been “pushed back… to September-October subject to an improvement in market conditions”. The proposed transaction involves a public offering of up to 20 per cent of the total number of issued ordinary shares of BeerCo.
Addressing the report, the company said “no final decision” has been made on the timing of the transaction, and it remains committed to pursuing the transaction, with “form, feasibility, and appropriate timing of listing” evaluated on an ongoing basis. This assessment will take prevailing market conditions into account, among other factors.
ThaiBev had previously received a no-objection letter from SGX for the proposed listing in February 2021, but later deferred the transaction due to market uncertainties with the pandemic. It announced the resumption of the proposed transaction on May 5 this year, with confirmation that SGX’s initial no-objection letter will continue to apply.
Associated with the Chang and Bia Saigon brands, BeerCo has 3 breweries in Thailand and a network of 26 breweries in Vietnam. Shares of ThaiBev were trading at S$0.645 as at 9.09 am, up 0.8 per cent or S$0.005.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Hong Kong bourse regains favour on hopes of a market revival
Chinese sellers go to TikTok school to reach buyers abroad
Gold prices set for weekly decline ahead of US inflation data
Huawei’s new phone sports latest version of made-in-China chip
Meta’s earnings flop sparks US$400 billion sell-off in tech stocks
Singapore shares open lower on Friday; STI down 0.1%