Thai Beverage (ThaiBev) Y92 , in the late hours of March 16, issued a statement to clarify that “no concrete plans” were made to list or sell its spirits business.
“ThaiBev remains confident in its spirits product group, one of the leading spirits players in Asean and the largest in Thailand, and a core business line for ThaiBev,” says the group.
The statement comes after a March 16 article in Bloomberg said that the group was exploring options for its spirits business, which includes an initial public offering (IPO) in Singapore.
According to Bloomberg’s sources, the group has held initial discussions with banks on alternatives including selling a stake in its best-selling liquor brands, Mekhong and Ruang Khao.
A deal would have valued ThaiBev at US$5 billion ($6.73 billion) at least, based on the estimates given by Bloomberg’s sources.
As at 9.07am, shares in ThaiBev are trading 1 cent higher or 1.60% up at 63.5 cents.
