Thailand is weighing a potential policy shift that would allow
alcoholic beverage companies to be listed on the Stock Exchange of
Thailand (SET), ending an informal restriction that has been in
place for decades. The proposal forms part of a broader effort to
revitalise the domestic capital market by improving liquidity and
keeping major Thai firms from seeking listings overseas.
According to the Drink Business, SET officials argue
that revising the long-standing practice would bring the exchange
into line with modern market realities and better reflect
Thailand’s position as one of the world’s leading tourist
destinations, where the alcohol industry is a significant
contributor to the economy.
The issue has long been a sensitive one. For years, efforts to
list alcohol producers on the Bangkok exchange have sparked strong
opposition from religious groups and anti-alcohol campaigners. Thai
Beverage, the country’s largest brewer and spirits producer, has
been at the centre of the debate.
In 2004, Thai Beverage, controlled by billionaire businessman
Charoen Sirivadhanabhakdi, attempted to float shares in Bangkok.
The plan was ultimately shelved following protests from monks and
activists, prompting the company to pursue a listing in Singapore
instead. A second attempt in 2008 met a similar fate, after critics
claimed that allowing such listings would promote excessive
drinking and conflict with Buddhist values.
The SET now believes circumstances may have evolved. According
to Chairman Kitipong Urapeepatanapong, enabling alcohol-related
listings could strengthen trading activity and prevent large Thai
conglomerates from migrating to foreign exchanges.
“We need to adapt quickly, or risk losing these companies to
overseas markets,” he said in a recent interview.
He noted that Thai Beverage, along with alcohol businesses
linked to Boon Rawd Brewery, Thailand’s biggest beer producer, and
Carabao Group, could be among potential candidates should the
policy change proceed.
While Urapeepatanapong did not directly address the possibility
of renewed public protests, he suggested that social attitudes may
have shifted since earlier attempts, potentially easing resistance
to a more open listing framework.
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