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BANGKOK - Thailand's largest brewer has temporarily abandoned an attempt to list itself on the country's stock exchange after thousands of people rallied against the move, officials said Friday.
Thai Beverage, producer of the popular Chang beer and shirt sponsor of English Premier League football side Everton, has faced a series of protests led by conservatives who say it threatens the mainly Buddhist kingdom's morals.
"ThaiBev did not complete the filing process as it did not submit the IPO (initial public offering), which is crucial," Vichate Tantiwanich, executive vice president of the Stock Exchange of Thailand, told AFP.
"They cited the current market situation as being not favourable and said no investors had submitted bookings based on its IPO," he said.
Vichate said the firm did not cite the protest as the reason for the postponement.
The company has been listed on the Singapore Exchange since May 2006, after its 2005 attempt to list in Thailand was scotched by earlier protests led by conservative Buddhist monks.
Up to 6,000 protesters, including members of more than 300 non-governmental organisations, rallied and blocked traffic in front of the Thai Stock Exchange building on Thursday.
"Police told me that they estimate between 5,000 to 6,000 began a protest at noon and dispersed at 7pm," Vichate said.
The demonstrators broke up after exchange executives reassured them that the firm's attempt at listing had been disqualified.
Thais are among the world's heaviest drinkers, but a strong puritanical strain also runs though Thai society, with politicians often capitalising on this by reducing opening hours of bars and banning alcohol advertising.
- AFP/ir
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