Protesters rally against ThaiBev listing
Written by Writer on Tuesday, October 28th, 2008
ANTI-ALCOHOL LOBBY
Protesters rally against ThaiBev listing
NUNTAWAN POLKUAMDEE
The Stock Exchange of Thailand (SET) has promised to take protesters’ opinions into consideration before making a decision on whether to allow trading of Thai Beverage Plc’s shares.
The SET reacted to the move of about 150 anti-alcohol demonstrators who rallied at the SET’s head office in Klong Toey yesterday morning to oppose the listing of ThaiBev, Thailand’s largest liquor producer.
SET senior vice-president Naree Boontherawara said the SET was waiting for the Securities and Exchange Commission (SEC) to consider the listing application of ThaiBev and the consideration should take about 30 days. The company filed its application last Wednesday.
ThaiBev plans to float 80 million shares in its initial public offering on the SET. The offering will represent 0.3% of the total shares in the company.
Normally, if the SEC approves the listing of a company, the company’s shares can be traded on the SET right away. In the case of ThaiBev, the SET’s management would have to consider its listing as well due to the protests, Ms Naree said.
From 9am to 11am, people who claimed to represent more than 264 anti-alcohol organisations nationwide rallied in front of the SET, warning that the fund-raising would cause more public health, economic, social and cultural problems for the nation.
“We will protest against every alcohol company that wants to raise funds through the Thai stock exchange,” said Kamron Chudecha, who led the rally yesterday.
He will lead demonstrators to rally at the Finance Ministry and the headquarters of ThaiBev tomorrow.
Maj-Gen Chamlong Srimuang, who successfully opposed the SET listing of ThaiBev three years ago, said yesterday he would not join the protest because more than 200 organisations were already moving against the listing and he, as a leader of the People’s Alliance for Democracy (PAD), was leading the protests against the government.
Bangkok Post
Tuesday October 28, 2008
