Hui Choon Kit, financial controller of Fraser and Neave Ltd. (FNN), comments on the results of the company’s shareholder meeting today.
F&N shareholders approved the company’s sale of its 40 percent stake in Asia Pacific Breweries Ltd. (APB) to Heineken NV. (HEIA) They voted against F&N’s plan to distribute S$4 billion ($3.2 billion) to shareholders from the sale to Heineken.
Hui spoke at a media briefing in Singapore today.
On working with Thai Beverage Pcl (THBEV):
“They being in the same business presents both opportunities and challenges. While we could look to work together and synergies, we may in other areas also be competing so we do need to sit down and discuss the way forward with them.
‘‘Clearly there are opportunities. If both sides can combine our resources to look at certain areas and the business model does make sense, then there could be opportunities for us to work together.’’
On Kirin Holdings Co. and ThaiBev being shareholders of F&N:
‘‘It’s possible that we could have a very interesting cooperation between the various parties. Alternatively, there could be a lot of conflicts going on, and then it would prevent us from realizing the potential of the F&N business.’’
On growing its property business:
‘‘We are building new commercial as well as retail space which will be earmarked into future injections into our REITs.’’
‘‘We will be looking to replenish our stock in Singapore so as to build a very strong business in Singapore, while delivering projects in Australia and China.’’
On a hospitality REIT:
‘‘There have been discussions with the recent launches of hospitality REITs, Ascendas as well as Far East. That’s something that’s on the drawing board, as in we’re considering whether it makes sense for us, but there are no immediate plans.”
To contact the reporter on this story: Joyce Koh in Singapore at firstname.lastname@example.org