Thai Beverage (ThaiBev) has received the conditional eligibility-to-list letter (ETL letter) from the SGX-ST for the proposed spin-off listing of its subsidiary BeerCo on April 1.

According to the announcement dated April 2, the ETL letter is one of the requirements that have to be met in order for ThaiBev to proceed with the spin-off listing.

The proposed listing is also subject to the requisite approvals from the relevant regulatory authorities.

SEE:Analysts more bullish on ThaiBev despite weak FY2020 results

BeerCo announced, on Feb 5, that it is seeking to list on the Mainboard of the SGX-ST.

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It reported earnings of $77 million, up 72.4% y-o-y for the 1QFY2021.

BeerCo has a presence mainly in Thailand under its flagship brand Chang. It also has a footprint in Vietnam via the Saigon brand.

According to ThaiBev, the spin-off will create the largest beer “platform” in Asean, with a volume market share of 23.4% for FY2020. Heineken was second place with a share of 22%.

Shares in ThaiBev closed 1.5 cents higher or 2.0% up at 75.5 cents on April 1.

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