SINGAPORE: Fraser & Neave denies split plan rumours
The Singaporean-based conglomerate Fraser & Neave (F&N) has denied reports that it has halted its search for a new CEO while it considers the possibility of splitting itself into separate companies.
F&N spokesman Hui Choon Kit told Reuters that the report, which suggested that chairman Lee Hsien Yang had ordered the executive search to be halted while possible options for splitting up the company were considered, was untrue.
Hui said the search had just begun and was continuing, and that there was no foundation to the suggestion that such a split was being considered.
"We just commenced the search for a CEO," Hui was quoted as saying. "We are in multiple businesses and look to grow each one of them. We are not looking at splitting."
The report had suggested that the diversified conglomerate could be looking to split into three separate entities, operating in food and beverage, property and publishing respectively.
The company, which jointly controls Asia Pacific Breweries with Dutch group Heineken, began a search for a new chief executive last month, following the departure of Han Cheng Fong.
Asia Pacific Breweries (APB) has today (8 May) announced the appointment of Lee Meng Tat, formerly deputy regional director for China, to the position of regional director, China from 1 May....
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