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SET casts aside taboos
Bangkok Post
|January 12, 2026
The Stock Exchange of Thailand (SET) is on the cusp of a progressive reform that could inject much-needed vitality into our capital market.
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Recent statements from SET chairman Prof Kitipong Urapeepatanapong show the SET is ready to change longstanding reservations by letting alcohol beverage producers list shares and conduct initial public offerings (IPOs). This decision deserves unequivocal support as it shows the SET is acknowledging reality.
The SET has learned a pricey lesson from its unrealistic investment policy. In 2006, Thai Beverage Plc (ThaiBev), one of Southeast Asia's largest beverage groups, abandoned plans to list on the SET amid opposition from anti-alcohol campaigners and religious groups.
The company instead turned to Singapore, where it was listed on the SGX. Today, ThaiBev has a market capitalisation of more than SGD 11 billion, or roughly 270-280 billion baht - value that could have strengthened Thailand's market capitalisation, kept dividend flows at home and drawn foreign institutional investors to the Thai market.
This story is from the January 12, 2026 edition of Bangkok Post.
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