Wednesday, 26 September 2012

ThaiBev, TCC Assets to vote against F&N's proposed capital reduction

SINGAPORE: Fraser and Neave's largest shareholders - Thai Beverage and TCC Assets - said they will vote against the conglomerate's proposed capital reduction.

In a joint statement issued on Wednesday night, ThaiBev and TCC Assets - controlled by Thai billionaire Charoen Sirivadhanabhakdi - did not explain why they will vote against the proposed capital reduction. 

Mr Charoen, through TCC Assets, had launched a US$7.2 billion (S$8.8 billion) offer this month to buy out other shareholders of F&N at S$8.88 a share. 

Earlier, F&N said it plans to cancel one for every three shares held by all shareholders and pay out S$8.50 for each cancelled share. 

That is a total of S$4 billion to be paid out by F&N to its shareholders. 

The vote on F&N's proposed capital reduction will be cast on Friday, when the conglomerate's shareholders will also vote on the proposed sale of the company's 40 per cent stake in Asia Pacific Breweries to Heineken. 

ThaiBev and TCC said last week that they would vote in favour of the APB sale to Heineken.

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