AB InBev had been looking to sell a minority stake in Budweiser Brewing Company APAC, which markets 50 brands in Asia and Australasia.

But the largest brewing company in the world released a statement last week saying it would scrap the year’s biggest IPO, amounting to up to $9,8bn.

The statement read: “The company is not proceeding with this transaction due to several factors, including the prevailing market conditions. The company will closely monitor market conditions, as it continuously evaluates its options to enhance shareholder value, optimise the business and drive long-term growth, subject to strict financial discipline.”