Fraser & Neave Receives Arbitration Claim From Myanmar PartnerJonathan Burgos
Fraser & Neave Ltd., controlled by Thai billionaire Charoen Sirivadhanabhakdi, said it received an arbitration notice from the lawyers of its partner in Myanmar Brewery Ltd.
The notice relates to an earlier claim by Myanmar Economic Holdings Ltd., the other stakeholder in the 18-year-old joint venture, that F&N has to sell its 55 percent stake in Myanmar Brewery to the partner.
F&N said in an Aug. 29 statement there is no basis to the claim. The maker of Myanmar Double Strong and Andaman Gold beer is F&N’s remaining brewery after it sold Asia Pacific Breweries Ltd., the maker of Tiger beer, to partner Heineken NV.
“The matter is in the hands of the company’s lawyers,” F&N said in the statement to the Singapore exchange today. It earlier said it would “vigorously resist” the claim.
F&N said last month it plans to spin off its property business from operations including beverages and publishing through a Singapore listing by the end of this year.
F&N shares fell 0.2 percent to S$5.54 as of 9:59 a.m. in Singapore trading.