F&N HB ready to work with new controlling shareholder of parent firm
KUALA LUMPUR, Jan 23 – Fraser & Neave Holdings Bhd’s (F&N HB) management team is ready to cooperate with Thai Tycoon Charoen Sirivadhanabhakdi, who is the new controlling shareholder of its Singapore-based parent company, Fraser and Neave (F&N) Ltd, said Chief Executive Officer Datuk Ng Jui Sia today.
F&N Ltd has a 56.5 per cent stake in F&N HB.
He said the exercise will help boost synergy between both companies.
“The transaction in Singapore will take some time to be completed, by end-February or mid-March. When the new shareholder settles down, we will be able to see the impact.
“For now, we are unable to comment on what that impact will be. We are monitoring the situation.
“The management, will however, work with the controlling shareholder to assist and explore any practical synergy possible,” he told a press conference after F&N HB’s annual general meeting here today.
Charoen already controlled 42.5 per cent of the 130-year old company and won a S$13.8 billion (RM34.5 billion) bid for the remaining shares he did not own.
F&N Ltd has an empire that spans property, publishing and food and beverages. – Bernama