Thai Beverage, which is controlled by one of Thailand's richest men, is planning to sell a 20% stake in its regional beer business via a Singapore listing, in what is set to be the largest initial public offering (IPO) in the city-state in nearly a decade.
In a statement filed to the Singapore Exchange, Thai Beverage said that the move will give BeerCo, a separately listed entity, direct access to debt and equity capital markets and allow it to independently leverage on a wider range of funding options.
Reuters reported last month that Thai Beverage had revived plans to list its regional beer assets through a Singapore IPO that could raise approximately $2 billion and that a listing could take place as early as the first half of 2021.
Thai Beverage, which is controlled by tycoon Charoen Sirivadhanabhakdi, is one of south-east Asia's largest drinks makers. It did not give details of the size of the potential IPO but said that the offering is subject to market conditions.
The company, the beers of which include Chang lager, had targeted a mid-2020 listing but delayed the IPO because of the COVID-19 pandemic as countries imposed restrictions on movement.
BeerCo's business includes Thai Beverage's regional operations, including Vietnamese brewer Sabeco.