Thai Beverage Public Company Limited (ThaiBev) (SGX: Y92) is resuming the proposed spin-off and listing of its brewery unit BeerCo on the Singapore Exchange (SGX), according to the statement from the company.
The listing of BeerCo was deferred in April 2021 due to uncertain market conditions and volatility, caused by the Covid-19 pandemic.
In a filing on May 5, 2022, the company said that it will continue to apply to the resumption of the proposed listing.
According to Reuters, ThaiBev is looking to raise as much as US$1 billion through the IPO, while sources expected the company to end up raising about US$800 million, saying that the launch was subject to the market condition at the time.
BeerCo has 3 breweries in Thailand and a network of 26 breweries in Vietnam. The company recorded a profit of S$342.5 billion baht from a revenue of S$4.2 billion baht, according to its financial year ended September 30, 2021.
