08 December, 2006

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.

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