Thai tycoon Charoen Sirivadhanabhakdi has taken full control of Singapore's Fraser Neave (FN), with a holding amounting to more than 80 per cent of FN's shares.
As of Thursday, the total number of FN shares owned, controlled or whose purchase had been agreed by Charoen's group - TCC Assets and Thai Beverage - amounted to an aggregate of 1.19 billion, representing an approximately 82.59-per-cent stake, according to a filing to Singapore Exchange.
In another filing, FN also announced that Hirotake Kobayashi, a director of FN representing Kirin Holdings, had tendered his resignation following Kirin's sale of its shares in the company to Charoen.
A source from Thai Beverage recently said that the group was preparing to hold a press conference to unveil its plan for the Singaporean food, beverage and property giant. It is expected that Charoen's business in Thailand will benefit tremendously from FN's logistics network. The Singaporean company has a presence in over 20 countries in Asia-Pacific. In Thailand, ThaiBev sells a wide range of alcoholic and non-alcoholic beverage products.
FN is the jewel that Charoen has fought fiercely for over the past six months, since ThaiBev secretly became a major shareholder in July. He recently thwarted a bid for FN by Overseas United Enterprise, controlled by an Indonesian family.
In a statement issued earlier this month, FN's management referred to Charoen's efforts to acquire the stake as "a new era for the FN Group in its 130th year of operation."
Proof of Charoen's far-sightedness can be seen in FN's financial performance. The firm posted first-quarter revenue of S$ 913 million (about Bt22 billion), which was attributed to improved performance in its food-and-beverage and property businesses.
Revenue for the quarter ending December 31 showed a 17-per-cent increase over the same period a year earlier. Net profit from the food-and-beverage business grew 47 per cent to S$49 million. In the quarter, the group saw the completion of the disposal of its entire interest in Asia Pacific Breweries for S$5.6 billion. The group realised a disposal gain of $4.8 billion, pushing its profit after taxation to S$4.9 billion.
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Article source: http://www.thethailandlinks.com/2013/02/16/charoen-has-firm-grip-on-fn-with-82-59percent-stake/
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