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29 January 2021

ThaiBev eyes USD 2 billion IPO of regional beer assets

Thailand | Thai Beverage (ThaiBev) has revived plans to seek a stock market listing in Singapore in the first half of 2021 for its regional beer assets, including the brewer of Chang beer, in Thailand, and Sabeco, in Vietnam. The initial public offering (IPO) could raise about USD 2 billion, Reuters reports.

ThaiBev, which itself is listed in Singapore, is one of Southeast Asia’s largest drinks makers, with interests in spirits, beer and non-alcoholic beverages.

The drinks maker initially targeted a mid-2020 listing but shelved the plan due to the covid-19 pandemic. In May last year, it announced it would revisit the plan when the global economic outlook improves. Bringing it back now signals confidence that the restrictions, which impact beer consumption, will start to ease.

A sale by another name

At USD 2 billion, the listing will be lower than a previously estimated USD 3 billion issue, which had valued ThaiBev’s beer unit at about USD 10 billion.

ThaiBev is controlled by Thai billionaire Charoen Sirivadhanabhakdi.

The deal could include the Vietnamese brewer Sabeco. In 2017, ThaiBev bought a majority stake (54 percent) in Sabeco from the Vietnamese government for nearly USD 5 billion, or 32 times Sabeco’s pre-tax earnings.   

When the plan for an IPO was first aired in 2019, many analysts thought that it was but an elegant way to sell Sabeco.


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