SINGAPORE Nov 16 Fraser and Neave
said on Friday it will distribute gains from the sale of Tiger
Beer maker Asia Pacific Breweries to shareholders only after the
Singapore property and drinks conglomerate is no longer the
subject of a takeover offer.
F&N is now the subject of rival bids from Thai billionaire
Charoen Sirivadhanabhakdi's TCC Assets and a rival group led by
property and hotel group Overseas Union Enterprise.
"Following the divestment of (the APB) interests, the board
is exploring all options available to it to distribute a portion
of the sale proceeds to shareholders, after F&N is no longer the
subject of a takeover offer," the company said in a statement.
F&N, which sold its share in APB to Heineken NV
earlier this year, had originally wanted to distribute around
S$4 billion to shareholders by way of capital reduction.
But the proposal was vetoed by the Thais, who at that time
controlled about 31 percent of F&N. The capital reduction
required the approval of three quarters of shareholders.
Instead, F&N has recommended a final dividend of 12
Singapore cents per share, which together with the interim
dividend of 6 Singapore cents, brings the total dividend for the
year to 18 Singapore cents, unchanged from last year.
F&N on Friday also reported a profit after tax of S$1.01
billion ($824.83 million) for the financial year ended Sept 30,
down slightly from S$1.13 billion in the previous year.
($1 = 1.2245 Singapore dollars)
(Reporting by Kevin Lim)