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BreakingviewsCapital Calls: Asian beer IPO lacks liquid courage
Reuters
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Bottles of Chang beer are seen at a supermarket during the coronavirus disease (COVID-19) outbreak, in Bangkok, Thailand, October 12, 2020.
Concise insights on global finance in the Covid-19 era.
BITTER TASTE. Spirits maker and brewer Thai Beverage (TBEV.SI) dropped plans for a $2 billion spinout of its beer business, citing market uncertainty and Covid-19 outbreaks. Dealing with a record caseload, Thailand shut bars read more at the weekend even though Vietnam, Thai Bevâs crown jewel growth market, is coping well. Most market valuations also have changed little since the initial public offering was unveiled in February. A better explanation for the abandoned deal is that the pandemic dashed chances for a frothy valuation.