SINGAPORE (Nov 12): In the last two years, Thai Beverage (ThaiBev) has had to operate in a challenging environment. Following the death of revered Thai King Bhumibol Adulyadej in late 2016, domestic sales of its Chang beer and spirits had deteriorated. The drop in demand was a result of the restriction of entertainment activities during the one-year mourning period, which was subsequently extended. Then, a new excise tax was imposed last year. As a result, shares of the company closed at 65.5 cents on Nov 8, down 36.7% from their all-time high of $1.035 in mid-2016.

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