Upon completion, ThaiBev will hold 69.61% of F&N compared to 28.31% previously. TCC Assets will own 86.89% of FPL.
Thai Beverages’ (ThaiBev) conditional share swap agreement with TCC Asset is logical as it allows the company to become a pure foods and beverages (F&B) company and in theory could reduce a conglomerate discount, analysts at Kiatnakin Phatra Securities say.
On July 18, ThaiBev proposed a share swap of all of its 28.78% shareholding in Frasers Property (SGX:TQ5
) (FPL) to TCC Assets, while the latter would transfer its 41.3% shareholding in Frasers and Neave (F&N) to ThaiBev.
