ThaiBev plans to shed property assets in share swap deal [Yahoo! Finance]
FRASER & NEAVE UNSP/ADR (FNEVY)
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Source: Yahoo! Finance
and become a pure-play drinks and food firm in a share swap with other companies held by its owner, tycoon Charoen Sirivadhanabhakdi. Under the deal, ThaiBev, the owner of brands such as Chang beer and Grand Royal whisky, will transfer its 28.8% stake in Singapore-based Frasers Property, worth roughly $1.6 billion based on the negotiated price, to property firm TCC Assets. In return, TCC Assets will transfer over shares worth roughly the amount in Singapore drinks and food firm Fraser and Neave (F&N). ThaiBev's ownership of F&N will jump to just under 70% from around 28% upon completion of the deal. "Streamlining the company's focus towards a pure-play beverage and food business by exiting the property business and increasing its exposure to non-alcoholic beverages and dairy could result in a potential re-rating in line with pure-play beverage and food peers," ThaiBev said in a statement. The deal values F&N at around S$5.2 billion ($3.9 billion)and Frasers Property at about S
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