ThaiBev to transfer entire stake in Frasers Property to TCC Assets (updated)

Fraser and Neave

18/07/2024 01:55

(Updates with further details and background)
       July 18 (Reuters) - Thai Beverage (ThaiBev)  TBEV.SI 
will transfer its entire stake in Frasers Property  FRPL.SI  to
TCC Assets under a share swap agreement, an exchange filing by
the Singapore-listed drinks maker showed on Thursday.
    ThaiBev's unit InterBev Investment will transfer its 28.78%
stake in Singapore-based Frasers Property to TCC Assets, which
in return will transfer a 41.30% shareholding in conglomerate
Fraser and Neave  FRNM.SI  to InterBev.
    The share swap involves shares worth S$2.14 billion ($1.60
billion) based on Reuters calculations. It will value Frasers
Property shares at S$1.89 apiece and Fraser and Neave shares at
S$3.55 apiece.
    ThaiBev aims to strengthen its non-alcoholic beverage
segment with the share swap and Fraser and Neave targets to
bolster its beverage and food brands in Southeast Asia.


($1 = 1.3390 Singapore dollars)

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Alan
Barona and  Subhranshu Sahu)
 ((Rishav.Chatterjee@thomsonreuters.com;))