BANGKOK: Thailand’s richest person Charoen Sirivadhanabhakdi is seeking to realign his sprawling business empire along clearer lines, as the beverage giant he founded exits a property firm he also controls.
Thai Beverage Pcl (ThaiBev) will offload its entire stake in Singapore-based Frasers Property Ltd to an asset holding company also owned by the billionaire, a Singapore stock exchange filing showed yesterday.
As part of a proposed share swap with TCC Assets, ThaiBev will increase its stake in Singapore-based food and beverage company Fraser & Neave Ltd (F&N).
The proposed transaction will “cement our pure-play status by exiting the property business,” ThaiBev chief financial officer Prapakon Thongtheppairot said in the statement.
ThaiBev’s 28.78% stake in Frasers Property will be reduced to zero after the transaction, which is subject to approval from shareholders at an EGM in Thailand.
Conversely, TCC’s stake in Frasers will grow to 86.89% from the current 58.1%. ThaiBev’s stake in F&N will increase to 69.61% from 28.31%.
Shares of F&N in Singapore jumped 22% yesterday, the biggest intraday gain since 2013, to S$1.30.
Frasers climbed as much as 8.8% before paring the gains to less than 2%.
ThaiBev rose as much as 3% to the highest since June 11 after a trading halt was lifted in Singapore. — Bloomberg
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