Hot stock: ThaiBev surges 4.4% after confirming brewery unit listing plans

SHARES of Thai Beverage (ThaiBev) continued their upward trajectory from Friday's market open, following the beer and liquor giant's announcement that it is looking to spin off and list its brewery unit BeerCo on the Singapore Exchange mainboard.

As at 10.16am, the index counter gained 3.5 Singapore cents or 4.4 per cent to 83 cents with some 17.7 million shares worth S$14.6 million traded. A married deal valued at under S$150,000 took place just a minute before at 82.5 cents apiece, according to ShareInvestor data.

As at 10.36am, the shares eased slightly to 82 cents, up 2.5 cents or 3.2 per cent from the open.

ThaiBev's positive share price momentum comes after a week-long anticipation of the potential listing, which was first reported by Bloomberg based on sources with knowledge of the matter.

The public offering of a 20 per cent stake in BeerCo is expected to be the biggest in years. According to a Reuters report, the deal is estimated to raise as much as US$2 billion.