ASIA: Oversea-Chinese Banking Corps in talks to sell Fraser and Neave stake
Fraser & Neave, the Singapore-based conglomerate, which has a food and beverage arm
A mystery bidder has made an offer to buy Oversea-Chinese Banking Corps (OCBC) and Great Eastern Holdings' (GEH) combined stake in Fraser and Neave and Asia Pacific Breweries.
OCBC and GEH announced to the Singapore stock exchange yesterday (16 July) that they have been "approached with an offer" and were "having discussions" on the matter. However, the filing did not identify the bidder.
One report suggested, based on anonymous sources, that the bidder could be TCC Group, the parent company of Thailand-based beer and spirits firm ThaiBev.
OCBC and GEH hold a joint 18.2% stake in Singapore-based conglomerate Fraser and Neave. Meanwhile, OCBC holds a separate 7.92% stake in Tiger Beer producer Asia Pacific Breweries, which is jointly-owned by Fraser & Neave and Heineken.
"OCBC and GEH will make appropriate announcements at the relevant time should circumstances merit such announcements," the filing concluded.
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