Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Belgian-Brazilian group Anheuser-Busch InBev is the world's largest brewer, producing Stella Artois and Budweiser among other major brands AFP/File


Budweiser brewing giant AB InBev cancels Hong Kong IPO

The Belgian-Brazilian group’s IPO would have been the biggest in the world since Uber’s listing earlier this year raised $8.1 billion AFP/File

HONG KONG, China, jul 14 – The company that makes Stella Artois and Budweiser has scrapped its planned listing in Hong Kong, cancelling what would have been the world’s largest initial public offering this year.

Anheuser-Busch InBev, the world’s biggest brewer, had hoped to raise almost $10 billion from listing its Asia Pacific subsidiary Budweiser Brewing Company APAC Ltd.

“The company is not proceeding with this transaction due to several factors, including the prevailing market conditions,” Belgium-based AB InBev said in a statement Friday.

“The company will closely monitor market conditions, as it continuously evaluates its options to enhance shareholder value, optimize the business and drive long-term growth, subject to strict financial discipline.”

The move is a blow to Hong Kong, which has been battling to win listings by big international firms at a time of trade tensions between China and the United States.

It also comes after a month of mass protests in the city over a controversial extradition bill.

The Belgian-Brazilian group’s IPO would have been the biggest in the world since Uber’s listing earlier this year raised $8.1 billion.

But that could be easily surpassed as Chinese online retail titan Alibaba considers a Hong Kong listing.

The tech firm is reportedly looking to raise an eye-watering $20 billion, which would be the biggest in Hong Kong since insurance firm AIA raised $20.5 billion.

Alibaba raised $25 billion when it listed in New York five years ago, making it the world’s biggest IPO.

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...