Thai Beverage will replace IHH Healthcare as a constituent of the Straits Times Index from the start of trading on March 18.
The change followed the conclusion of the half-yearly review of the FTSE ST Index Series by Singapore Press Holdings, Singapore Exchange and FTSE Group. The next review is scheduled for June 6.
Hospital operator IHH Healthcare, which made a dual market debut in Singapore and Kuala Lumpur in July last year, had joined the STI only last September.
Its replacement Thai Beverage is known for selling the Chang brand of beer. Thai Beverage had also been in the news since July last year amid the takeover tussle for Fraser and Neave. Thai tycoon Charoen Sirivadhanabhakdi has taken over F&N and holds a part of his stake through Thai Beverage, which he controls.
The STI reserve list, comprising the five highest ranking non-constituents of the STI by market capitalisation, will be Hutchison Port Holdings Trust, Keppel Land, Ascendas Real Estate Investment Trust, UOL Group and CapitaCommercial Trust. Companies in the reserve list will replace any constituents that become ineligible as a result of corporate actions before the next review.
The FTSE ST Index advisory committee is also changing the way it calculates the free-float of a stock. Stocks must meet free float criteria before being included in the index series. This change in calculation will be effective on the same date of the review changes - that is, March 18.