The Japanese brewer and soft drink maker said it will sell its 14.8% stake in the Singapore company, which has businesses in property, soft drinks and publishing, to Thai billionaire Charoen Sirivadhanabhakdi’s TCC Assets, according to 4-Traders.
Kirin stands to pocket around S$2.03bn from the transaction, which is due to be completed by 14 February.
The Japanese company had teamed up with Indonesia’s Overseas Union Enterprise to help it in a bid for F&N. Chaoren’s TCC Assets now has a 54.01% stake in Fraser & Neave.
Kirin bought its 15% stake in F&N in 2010, for S$1.3bn, as part of efforts to become a leading food and beverage company in Asia and Oceania. But its tie-up with F&N has been limited to areas such as production of F&N products at Kirin’s plant in Vietnam on an original equipment manufacturing basis.
Following the latest decision to finally unload the F&N stake, the focus is now on how Kirin will overhaul its strategy in Southeast Asia, where growing populations and economies make for lucrative future markets.
In a statement, Kirin said that it ‘will continue to go ahead with its beverage business strategy in Southeast Asia,’ through existing footholds such as Interfood Shareholding Co, its soft drink unit in Vietnam, as well as through new opportunities for cooperation with local partners.
Source: 4-Traders
© FoodBev Media Ltd 2024