Thai Stock Exchange Considers Ending 20-Year Ban on Alcohol Listings Amid Shifting Social Attitudes

The Stock Exchange of Thailand (SET) is currently debating whether to lift a long-standing informal ban on listing alcoholic beverage companies. The discussion comes as SET leadership seeks to modernize the exchange and prevent major Thai conglomerates from seeking listings abroad. Kitipong Urapeepatanapong, chairman of the SET, has argued that allowing alcohol companies to list would increase market liquidity and keep prominent businesses within the country’s financial system.

For decades, the issue of alcohol company listings has been contentious in Thailand. In 2004, Thai Beverage, the country’s largest brewer and distiller, attempted to list on the Bangkok stock exchange but faced strong opposition from anti-alcohol activists and Buddhist monks. The backlash led the company to abandon its plans and instead pursue a listing in Singapore. A similar attempt in 2008 was also halted after renewed protests. Opponents have argued that listing such companies would promote alcohol consumption, which they say conflicts with Buddhist values and public health goals.

Despite these concerns, SET officials now believe that social attitudes may have shifted. Urapeepatanapong recently stated that it is important for Thailand to adapt before losing more major companies to foreign exchanges. He identified Thai Beverage, Boon Rawd Brewery—the nation’s largest beer producer—and Carabao Group as potential candidates for future listings if the ban is lifted.

The proposal has sparked debate among financial analysts. Kitpon Praipaisarnkit, a senior executive at UOB Kay Hian Securities Thailand, told local media that while expanding investment options is positive for the market, he questions whether the alcoholic beverage sector offers enough growth potential to justify new listings. He noted that large brewers may not need significant new funding for expansion and suggested that the SET should focus on attracting high-growth industries instead.

The discussion over stock market policy comes at a time when Thailand is also reconsidering other alcohol-related regulations. In December, the government suspended its long-standing restriction on alcohol sales between 2 p.m. and 5 p.m., a rule that had been in place since 1972. The six-month trial period aims to assess how extended sales hours impact tourism, consumer behavior, and public safety. Deputy Prime Minister Sophon Saram and Public Health Minister Pattana Promphat announced that the trial will help determine whether relaxing restrictions can support economic recovery without compromising health outcomes.

Recent research indicates that Thailand’s alcohol market is evolving alongside changes in regulation and social attitudes. According to IWSR, a global drinks market analyst, Thailand’s strong tourism sector and vibrant hospitality industry are creating new opportunities for beverage brands. Beer remains popular among both locals and tourists, while wine consumption is growing as consumers become more interested in diverse options. White spirits such as tequila, rum, vodka, and gin are also gaining traction in cocktail bars across the country.

If the SET moves forward with lifting its informal ban on alcohol company listings, it could mark a significant shift for both investors and the broader beverage industry in Thailand. The decision would likely affect not only domestic producers but also international wine importers and distributors seeking to expand their presence in Southeast Asia’s second-largest economy. As policymakers weigh the potential benefits against concerns about public health and social values, the outcome of this debate will be closely watched by business leaders and consumers alike.