POSTED: 27 Aug 2013 6:06 PM | CNA


Singapore-based food and beverage conglomerate Fraser and Neave (F&N) has announced plans to list its property arm Frasers Centrepoint (FCL) by the end of this year.

In a media statement, the conglomerate said it will be distributing two FCL shares for every F&N share held by its shareholders for free, subject to relevant approvals.

F&N and FCL will be traded separately, with the listing expected in November or December this year.

The listing is “by way of introduction (so) there is no capital raised,” Frasers Centrepoint chief financial officer Chia Khong Shoong told reporters.

After the completion of the proposed transaction, F&N will no longer have any interest in FCL. The conglomerate will be left with its food and beverage, and printing and publishing businesses.

F&N said: “It provides sharper focus on the growth of the food and beverage and properties businesses as independently-listed entities, and paves the way for further growth in both sectors.”

F&N’s move to spin off its property arm followed the S$13.8 billion (US$10.7 billion) takeover of the 130-year-old company by Thai billionaire Charoen Sirivadhanabhakdi earlier this year.

Charoen’s company, TCC Assets, which holds around 62 percent of F&N, said it will vote for the proposal.

F&N became a takeover target after it sold off its most prized asset, Tiger Beer maker Asia Pacific Breweries, to Dutch giant Heineken in September last year.

The proposed transaction is subject to approval by F&N shareholders at an extraordinary general meeting in November, followed by the listing.

– CNA/AFP/al