ThaiBev to transfer entire stake in Frasers Property to TCC Assets, – Homevior


<p>Representative Image</p>
Representative Image

BENGALURU: Thai Beverage (ThaiBev) will exit the real estate business by transferring its entire stake in Singapore-based Frasers Property to TCC Assets under a share swap agreement, an exchange filing showed on Thursday.

“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 drink maker, controlled by Thai billionaire Charoen Sirivadhanabhakdi, said its unit InterBev Investment would transfer its 28.78% stake in Frasers Property to Thailand-based TCC Assets, which in return would transfer a 41.30% shareholding in conglomerate Fraser and Neave to InterBev.

The share swap involves shares worth S$2.14 billion ($1.60 billion) based on Reuters calculations. It will value Frasers Property shares at S$1.89 apiece and Fraser and Neave shares at S$3.55 apiece.

ThaiBev aims to strengthen its non-alcoholic beverage segment and Fraser and Neave targets to bolster its beverage and food brands in Southeast Asia with the share swap.

Shares of Fraser and Neave gained 16.8% to S$1.25, while those of Frasers Property climbed 3.8% to S$0.83. Shares of ThaiBev were on a trading halt.

  • Published On Jul 18, 2024 at 06:00 PM IST



Source Homevior.in

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