TCC now has around a 90% stake in F&N

TCC now has around a 90% stake in F&N

TCC Assets has built up its total stake in Fraser & Neave to 90%, while the deadline for shareholders to tender their stock has closed. 

In a statement today (18 February), the ThaiBev-controlled vehicle said that the level of acceptances from ordinary shareholders had reached 42.08%, equating to 606,505,956 shares. Its offer to shareholders is now closed, it said. 

TCC, which now has a total shareholding of 90.32% in the group, took majority control of F&N late last month

Thapana Sirivadhanabhakdi, ThaiBev's president & CEO said: “ThaiBev  is very pleased with the outcome of the offer and the high level of acceptances gained from shareholders. We look forward to working with TCC Assets in  developing a constructive  long-term relationship with F&N  management and employees and will explore all options in an effort to enhance value.”

Earlier this month, Kirin Holdings said it will sell its 15% stake in F&N to TCC Assets for around SGD2bn (US$1.6bn).  

TCC previously won a bidding war with Singapore property group Overseas Union Enterprise for control of F&N.