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Thailand: Despite opposition, Thai Beverage says it still wants to become listed on SET.
(From Thai Press Reports)
Section: Corporate News - Thai Beverage Co insists that it will go ahead with plans to list on the Stock Exchange of Thailand once it receives regulatory approval, the Bangkok Post reports.
The holding company, owned by billionaire Charoen Sirivadhanabhakdi, is the producer of market-leading Chang Beer, Mekhong rum and a number of leading whiskey brands.
A stock listing, expected to be the largest private company offering in Thai history, is projected to raise 30-40 billion baht in capital for the company to help finance overseas growth.
But tens of thousands of people, representing a broad coalition of religious and anti-alcohol groups, have come out in opposition to the listing on moral and ethical grounds. The opponents, led by former Palang Dharma Party leader Chamlong Srimuang, have argued that allowing the listing to move forward would lead to increased alcohol consumption and a deterioration in social values.
Securities regulators have delayed any decision on the listing application pending a policy review by the government. The Securities and Exchange Commission and the Stock Exchange of Thailand are ...
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