Stock Exchange of Thailand Casts Aside Taboos

The Stock Exchange of Thailand is considering a long-overdue reform to allow alcohol beverage producers to list shares and conduct IPOs, a move that reflects market realities and lessons from past policy missteps, notably the loss of Thai Beverage Plc to the Singapore Exchange. Excluding alcohol companies is argued to have weakened Thailand’s capital market without delivering public health or moral benefits, as consumption levels are shaped by regulation rather than listing status, and global exchanges routinely host such firms under robust oversight. Allowing these companies to list would deepen market capitalisation, retain value and dividends domestically, attract foreign investors, and broaden wealth participation for Thai institutions and retail investors, signalling a more mature, inclusive, and internationally aligned capital market.

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