Thai Beverage renews plan for IPO of regional beer assets
May 5 (Reuters) - Singapore-listed Thai Beverage TBEV.SI said on Thursday it would look to sell a 20% stake in its regional beer business through a Singapore listing, more than a year after it postponed the plan for a second time due to pandemic-led uncertainty.
The spin-off by ThaiBev, controlled by one of Thailand's richest men Charoen Sirivadhanabhakdi, was set to be the largest initial public offering in the city-state in nearly a decade before it was called off in April last year.
In January 2021, Reuters had reported that the IPO could raise about $2 billion.
ThaiBev is one of Southeast Asia's largest makers of drinks and counts the popular Chang lager among its key brands.
"The board sees significant growth potential in the beer business and believes that the potential can better be developed with a dedicated board of directors and management team focused solely on growing the beer business," it said on Thursday.
ThaiBev said it intends to retain a significant majority stake in the beer business after the spin-off, and will use part of the proceeds generated from the stake sale to repay interest-bearing debt.
(Reporting by Shashwat Awasthi; editing by Uttaresh.V)
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