By P.R. Venkat and Fabiana Negrin Ochoa

Thai Beverage PCL on Friday deferred listing its brewery unit in Singapore, citing the resurgence of Covid-19 in its home market of Thailand, as well as in other countries.

"In view of the current uncertain market conditions and volatile outlook, aggravated by the worsening Covid-19 pandemic in Thailand and other countries, which are not conducive for the Proposed Spin-off Listing, ThaiBev wishes to announce its decision to defer the Proposed Spin-off Listing for the time being, after having consulted with its financial advisors," it said.

The IPO, if successful, would have been one of the biggest listings in Singapore in many years, likely raising more than US$1 billion. The city-state has been overshadowed by Hong Kong, which has drawn major IPOs over the past years, including Anheuser-Busch InBev SA's more than US$5 billion listing of its Asian unit, Budweiser Brewing Co., as well as JD.com's more than US$3 billion listing of its healthcare unit.

ThaiBev said it "continues to believe that BeerCo's position as one of the leading beer players in Southeast Asia and its growth potential offer a distinct and compelling growth story."

Owned by one of Thailand's richest men, ThaiBev had in late 2019 said it was exploring an IPO of its beer business in Singapore. The company was seeking to raise over US$1 billion in the first half of 2020, people with knowledge of the process told The Wall Street Journal at the time.

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

04-16-21 0750ET