Singapore: Fraser & Neave to sell 15% stake to Temasek
Fraser & Neave (F&N) , a Singapore conglomerate which brews beer, owns shopping malls, and prints magazines, said on Friday it would sell 14.9 percent of the firm to state investor Temasek Holdings [TEM.UL] for S$900 million ($584.8 million), according to Reuters, December 8.
Temasek said in a statement that its acquisition of 205.5 million shares in F&N was its "most substantial" investment in the food and beverage sector in recent years. "We plan to use the proceeds to expand and grow the business," F&N Chief Executive Officer Han Cheng Fong said at a media briefing.
"We really want to see a more balanced portfolio. We see the opportunities in food and beverage and we hope to make more acquisitions in areas such as beer, milk and soft drinks."
Shares of F&N were last traded at S$4.48 before their suspension from trade on Thursday. The stock has gained close to 30 percent in the last 52 weeks.
Wstecz
E-malt.com, the global information source for the brewing and malting industry professionals. The bi-weekly E-malt.com Newsletters feature latest industry news, statistics in graphs and tables, world barley and malt prices, and other relevant information. Click here to get full access to E-malt.com. If you are a Castle Malting client, you can get free access to E-malt.com website and publications. Contact us for more information at marketing@castlemalting.com .
