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ThaiBev, TCC to vote against F&N's proposed capital reduction
September 26, 2012 / 12:16 PM / 5 years ago

ThaiBev, TCC to vote against F&N's proposed capital reduction

SINGAPORE, Sept 26 (Reuters) - Thai Beverage PLC and TCC Assets Ltd, which are collectively the largest shareholders of Fraser and Neave Ltd, said they will vote against the Singapore conglomerate’s proposed capital reduction.

Thai billionaire Charoen Sirivadhanabhakdi, through a linked firm, TCC Assets, launched a $7.2 billion offer this month to buy out other shareholders of F&N at S$8.88 a share.

Wednesday’s joint statement by Thai Beverage and TCC Assets did not provide any details on why they will vote against the proposed capital reduction.

F&N had said it will pay out S$4 billion to shareholders. F&N plans to cancel one for every three shares held by all shareholders and pay out S$8.50 for each cancelled share.

F&N’s shareholders will meet on Friday to vote on the proposed sale of the company’s 40 percent stake in Asia Pacific Breweries to Heineken. Shareholders will also vote on the proposed capital reduction.

ThaiBev and TCC said last week they would vote in favour of the APB sale to Heineken. (Reporting by Eveline Danubrata; Editing by Anshuman Daga)

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