COUNTERS of Fraser and Neave (F&N), Thai Beverage (ThaiBev) and Frasers Property climbed on Thursday (Jul 18), after ThaiBev proposed a share swap deal that will see it become a pure-play food and beverage company.
At the opening bell, F&N shares had jumped 15 per cent from yesterday’s close of S$1.07 to S$1.23. It peaked at S$1.40 at 10.29 am, according to ShareInvestor data.
As at 1.34 pm, F&N was trading up 21.5 per cent or S$0.23 to S$1.30, with 1.7 million shares worth S$2.2 million changing hands.
At the same time, ThaiBev – which lifted its trading halt at 11.56 am – was up 2 per cent or S$0.01 to S$0.505, with 11.1 million shares changing hands. Meanwhile, Frasers Property is up 1.9 per cent or S$0.015 to S$0.815.
There were no married deals in all three counters, ShareInvestor data indicated.
ThaiBev had called for a trading halt on Thursday (Jul 18) before the opening bell to announce the share swap deal. It intends to transfer its entire 28.78 per cent shareholding in Frasers Property to TCC Assets, an entity owned by the Sirivadhanabhakdi family.
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ThaiBev is also owned by the Sirivadhanabhakdi family. The annual report states Thai business magnate Charoen Sirivadhanabhakdi has a 65.85 per cent deemed interest, through various entities, in the beverage company, as at Dec 11, 2023.
TCC Assets will then transfer its 41.3 per cent stake in F&N to ThaiBev’s indirect wholly-owned subsidiary InterBev Investment.
The share swap will be executed at an estimated ratio of 1.88 Frasers Property shares for each F&N share. This is based on a negotiated price of S$1.89 per Fraser Property share and S$3.55 per F&N share, ThaiBev said.
ThaiBev’s holdings in F&N will rise to 69.61 per cent post-completion. Meanwhile, TCC Asset’s stake in Frasers Property will increase to 86.89 per cent from 58.1 per cent. Its holdings in F&N will drop to 17.6 per cent from 58.9 per cent.
“Our aim with the proposed share swap is to entrench our position as a stable and sustainable Asean leader and cement our pure-play status by exiting the property business,” said ThaiBev group chief financial officer Prapakon Thongtheppairot.
