Global brewer, AB InBev on Friday withdrew its plans to sell 1.6bn shares of its Asian business to investors, citing “prevailing market conditions”.

The company had been seeking to sell a minority stake in Budweiser APAC, which markets over 50 brands including its premium brands, Budweiser, Stella Artois and Corona in China, Australia, South Korea and Vietnam, but had to shelve the plans due to weak investor demand for its stated price. AB InBev was seeking to raise between US$8.3bn to US9.8bn from the Initial Public offering (IPO).

The brewer had stated it would use the funds to pare down its huge debt of over US$100bn racked up primarily from its acquisition of SABMiller in 2016. It would also have used part of the proceeds to expand its business in Asia by acquiring regional rivals.

AB InBev Friday said it would “closely monitor market conditions” while it evaluates its options.