THE IPO OF Thai Beverage, brewer of the famous Chang Beer, favoured by millions of Thais as well as supporters of UK Premiership football club Everton, which it sponsors, was meant to set the local market alight. It was the biggest IPO since Thai Oil in 2004 and the largest brewer and distiller in Thailand, so local and foreign investors awaited the deal with feverish anticipation. Imagine the reaction then when the company announced that it would seek a listing in Singapore rather then Bangkok after protests about the listing of a brewer on the local bourse. To add insult to injury, Thai-listed shares have plummeted recently, partly because investors sold other assets to apply for Thai Beverage shares.
Visitors to Thailand might be perplexed that such a seemingly open and permissive society might baulk at listing one of the country’s leading consumer brands and export successes. After all, Thais...
