A sober protest
Written by Writer on Monday, October 27th, 2008
A sober protest
Prohibitionists claim that listing Thai Beverage on the Stock Exchange will harm society, and they plan to rally at the bourse on Monday to try to block another attempt to trade shares in the country’s biggest maker of both beer and whisky.
By Post Reporters
Representatives of more than 260 anti-alcohol groups will rally outside the Stock Exchange of Thailand (SET) today to protest against the listing of Thai Beverage Plc on the stock market.
ThaiBev, the country’s biggest brewer and distiller, re-applied to the Securities and Exchange Commission (SEC) for listing on Wednesday, claiming the SET invited it to do so. It plans to have the listing completed by the end of this year.
ThaiBev’s previous listing attempt was derailed in 2005 by protesters. ThaiBev instead listed on the Singapore Stock Exchange in May 2006 after the SEC repeatedly put off a decision to allow it to list in Thailand.
Anti-alcohol activist Kamron Chudecha said about 200 activists representing 264 anti-liquor organisations would rally outside the SET on Ratchadaphisek road about 10am today and at the Finance Ministry on Wednesday.
The activists plan to submit a letter urging the management of the SET to consider the economic and social losses that would result from the listing of the giant brewer and distiller, maker of Beer Chang.
Mr Kamron said the activists would fight to the end to oppose the listing of ThaiBev.
Phra Phayom Kalayano, the abbot of Wat Suan Kaew in Nonthaburi province who is leading the protests, said the share listing would encourage consumption of the company’s liquor products and harm society.
“I have repeated my request but there is still a plan to list the company on the stock exchange. I would like them to think whether this is tantamount to harming people and causing tragedy to Thai people,” he said.
Phra Phayom suspected the company had influenced Public Health Minister Chalerm Yubamrung’s decision to back off on his support for a ban on alcohol consumption during the New Year break.
The abbot also criticised consumers for supporting the liquor industry through excessive drinking. He said the profits were huge.
The income from the sale of alcohol in one year is equal to the income from fruit juice sales for 10 years, with alcohol sales being as big as fuel sales, Phra Phayom said.
Surichai Wankaew, director of the Social Research Institute of Chulalongkorn University, said the listing would promote liquor consumption which could get out of hand.
He urged the SET to consider if it should support the listing of a business which would affect young people.
The company should follow the global trend of corporate social responsibility toward consumers and for the negative impact of its products.
“The company must not be too hungry for profits and target groups without considering the impact of its products,” Mr Surichai said.
ThaiBev plans to float 80 million shares in its public offering on the SET. The offering will represent 0.3% of the total shares in the company.
Once listed, the company would be among the top 10 listed on the SET in terms of market capitalisation.
Bangkok Post
Monday October 27, 2008
