Mr. Asawin Techajareonvikul Chief Executive Officer and President of Big C Retail Corporation Public Company Limited (BRC), a subsidiary of Berli Jucker Public Company Limited (SET: BJC) group, announced that the company will postpone the implementation of the issuance, the initial public offering (IPO) and the listing of BRC’s common stock as listed securities on the Stock Exchange of Thailand.
The CEO stated that BRC has considered the capital market situation both domestically and internationally that fluctuates from the global economic situation as a whole, together with the company’s consultants. Therefore, the company has to postpone the implementation of this IPO plan. With careful consideration, mainly taking into account the interests of shareholders and all stakeholders as a whole.
Although in the past, both domestic and foreign institutional investors were very interested in the IPO plan after notifying BRC’s IPO plan on March 27, 2023. The Board of Directors of BJC approved the IPO plan and BRC submitted an application for permission to offer newly issued shares, registration statement, draft prospectus for the IPO of newly issued common stock and listed on the Stock Exchange of Thailand on April 17, 2023, which is currently under consideration by the Securities and Exchange Commission and the Stock Exchange of Thailand.
For this reason, the company has considered that the postponement of BRC’s IPO plan will be in the best interests of shareholders and all stakeholders as a whole. By considering both the benefits that the company and investors will receive, taking into account relevant factors such as the readiness of both domestic and foreign markets to support large-scale IPOs from Thai companies at this time, including external situations such as overall global economic uncertainty and energy price crisis, etc.
“The company is confident in the growth of businesses that are recovering from the COVID-19 crisis and will continue to grow. The company will monitor capital market conditions, and will review BRC’s IPO plan closely when the overall situation in the capital market tends to improve. The company will continue to report important developments regarding such actions to all investors and stakeholders,” Mr. Techajareonvikul said.
