Billionaire Charoen’s Thai Beverage to Exit Frasers Property
- Proposes to increase stake in Fraser & Neave in share swap
- Transaction will cement ThaiBev’s ‘pure-play status,’ CFO says
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Thailand’s richest person Charoen Sirivadhanabhakdi is seeking to realign his sprawling business empire along clearer lines, as the beverage giant he founded exits a property firm he also controls.
Thai Beverage Pcl will offload its entire stake in Singapore-based Frasers Property Ltd. to an asset holding company also owned by the billionaire, a Singapore stock exchange filing showed Thursday. As part of a proposed share swap with TCC Assets, ThaiBev will increase its stake in Singapore-based food and beverage company Fraser & Neave Ltd.