SINGAPORE: Fraser & Neave shareholders to get part of Heineken deal proceeds
Fraser & Neave will distribute part of the proceeds from the Heineken deal to shareholders
Fraser & Neave (F&N) has said its plans to distribute around SGD4bn (US$3.19bn) to shareholders if the sale of its stake in Asia Pacific Breweries goes through.
Shareholders will get around 84% of the cash proceeds from the SGD4.8bn the group earns from its sale to Heineken via a capital reduction, F&N said late Friday (24 August). The Singapore conglomerate will use the remainder of the proceeds to pay down debt and strengthen its balance sheet.
Last week, F&N's board agreed to an increased offer from Heineken for the group's 39.7% total stake in APB. The Dutch brewer raised its offer to SGD53 per share after an initial offer of SGD50 per share last month.
The deal remains subject to approval from F&N shareholders, but Heineken previously said it expects the transaction to complete no later than 15 December.
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