Charoen's stake rises to 74%
Charoen Sirivadhanabhakdi's TCC Assets on February 4 bought another 4.1 million shares in Fraser & Neave, which effectively boosts the Thai tycoon's stake in the Singaporean food and property conglomerate to 74 per cent.
According to the filing to the Singapore Exchange, as of 5pm on the day, Charoen’s group - led by Thai Beverage and TCC Assets - owned 1.07 billion shares in F&N.
For the absolute control in a listed company, a shareholder needs at least 75 per cent.
At 2.48pm Singapore time, F&N share price was 9.43 Singapore dollar, slightly lower than Charoen’s S$9.55 bid price.