ThaiBev puts beverage unit IPO in Singapore on ice

Thailand's largest beer maker says worsening pandemic behind decision

20210416N chang beer by thai beverage (REUTERS)

Bottles of Chang beer -- one of Thai Beverage's main brands -- at a supermarket in Bangkok. © Reuters

MASAYUKI YUDA, Nikkei staff writer

April 17, 2021 02:14 JST

BANGKOK -- Thailand liquor giant Thai Beverage will postpone a proposed initial public offering of its brewery unit, BeerCo, on the Singapore Exchange, the company said Friday, citing a resurgence of coronavirus cases in its main markets.

The deferment came in "view of the current uncertain market condition and volatile outlook, aggravated by the worsening COVID-19 pandemic in Thailand and other countries, which are not conducive for the proposed spinoff listing," ThaiBev said in a statement.