Thai Beverage Plc has postponed the potential spin-off and listing of its brewery unit, which was on track to be among the biggest initial public offerings in Singapore in a decade, citing the uncertainty of market conditions and the worsening Covid-19 pandemic.

The maker of Chang beer — owned by Thai billionaire Charoen Sirivadhanabhakdi — had been expected to raise around US $2 billion, according to people familiar with the transaction.

Instead, the company will review the proposed spin-off listing “at the appropriate time” while evaluating and exploring opportunities to maximise shareholder value, it said in a statement released to the Singapore exchange on Friday night.

“In view of the current uncertain market conditions and volatile outlook, aggravated by the worsening Covid-19 pandemic in Thailand and other countries, which are not conducive for the Proposed Spin-off Listing, ThaiBev wishes to announce its decision to defer the Proposed Spin-off Listing,” according to the statement.