SG brief: Thai Beverage

Chang Beer, made by Thai BeverageChang Beer, made by Thai Beverage

Thai Beverage has received a conditional eligibility-to-list letter from SGX-ST for its proposed spinoff of BeerCo, its beer business, the Thai beverage maker said in a filing to SGX Wednesday.

The letter is one requirement for the spinoff, and it still requires some regulatory approvals, the company said, noting prevailing market conditions may also be a factor on whether the deal proceeds. ThaiBev highlighted that even if all approvals are received, it may still not proceed with the spinoff if it doesn’t appear to be in the best interests of shareholders.

In May, ThaiBev proposed reviving the plan to spin off as much as 20 percent of its BeerCo after shelving a previous attempt in 2021. BeerCo is a Singapore-based investment holding company which consolidates nearly all of ThaiBev’s beer business and operations, with the exception of the sale of Thai beer products outside Thailand.