ThaiBev sold out in quiet offering
By: NUNTAWUN POLKUAMDEE AND WORANUJ MANEERUNGSEE
Published: 5/12/2008 at 12:00 AM
Newspaper section: Business, Bangkok Post, January 28, 2009
Financial advisers fully sold an offering of 80 million shares in Thai Beverage Plc yesterday in a barely publicised sale aimed at minimising public attention over the controversial listing plan.
SCB Securities and Phatra Securities, the two advisers mandated for the offering, said they had fully placed the offering with investors.
ThaiBev, the country's largest alcoholic beverage producer, said in its filing to the Securities and Exchange Commission yesterday that the offering period would be held over three days ending this coming Tuesday.
The offering, priced at 4.69 baht per share, comes from outstanding shares now held by Siriwana Co, a holding company controlled by ThaiBev founder and major shareholder Charoen Sirivadhanabhakdi. The share sale paves the way for the company's dual-listing on the Stock Exchange of Thailand and the Singapore Exchange (SGX).
ThaiBev, which has 25 billion shares outstanding, will become the second stock dual-listed on the SET and the SGX after mobile operator Total Access Communications (DTAC).
The beverage giant listed on the Singapore exchange after its plans to enter the SET in 2005 were derailed by protests by anti-drinking activists, religious groups and student organisations opposed to the listing on moral grounds.
Opponents vowed to resume their protests against the listing on the local exchange. Financial advisers late last month had delayed the offering following several days of protests.
Chanansara Oranop na Ayudhya, a co-ordinator of an ad-hoc coalition opposed to the listing, confirmed that the protests would definitely resume.
"Whenever its shares trade in the market, we will rally at the Stock Exchange of Thailand," Miss Chanansara said.
ThaiBev spokesman Anuchit Jureegasa said the company had been "invited" by the SET to...