By P.R. Venkat


Thai Beverage PCL has decided to defer plans to list its brewery unit in Singapore for a second time as volatile markets continue to crimp investor demand for new shares.

The move to postpone the initial public offering comes within two months of ThaiBev disclosing its intention to revive listing plans of its unit BeerCo Ltd.

"ThaiBev will continue to monitor market conditions, evaluate and explore opportunities to maximize shareholders' value including where appropriate, reviewing the proposed spin-off listing at an appropriate time," the company said late Thursday.

ThaiBev had deferred the IPO last year, citing the Covid-19 pandemic and market volatility.

People familiar with the deal had said earlier that the company was planning to raise between US$700 million to US$800 million in the IPO with an aim to list in this month.

In a separate earnings statement for the nine months ended June, ThaiBev said its sales rose 8.2% on year to 207.92 billion baht (US$5.91 billion) supported by strong beer and spirit sales.

Its earnings before interest tax depreciation and amortization had risen 6.7% on year to THB39.11 billion.

ThaiBev owns Thailand's Chang beer brand, as well as a majority stake in Vietnam brewer Saigon Beer Alcohol Beverage Corp., known as Sabeco.


Write to P.R. Venkat at venkat.pr@wsj.com


(END) Dow Jones Newswires

08-11-22 1908ET