SINGAPORE Jan 18 Over 1 million shares in
Singapore's Fraser and Neave (F&N) exchanged hands in
a bloc trade, equivalent to 0.1 percent of total issued stock,
ahead of a deadline for two groups competing to take over the
firm to raise their offers.
In early trade on Friday, 1.66 million F&N shares were
traded in a transaction off the Singapore market at S$9.60,
according to data from Thomson Reuters. It was not clear who the
buyer and the seller were.
In November, a group led by Overseas Union Enterprise Ltd
put in a bid of S$9.08 a share for F&N, which is above
Thai billionaire Charoen Sirivadhanabhakdi's offer of S$8.88 a
Both bids are below F&N's traded share price, with investors
expecting either of the two parties to raise its offer for the
Singapore property and beverage conglomerate.
Singapore's securities watchdog has set a Jan. 20 deadline
for Charoen and the Overseas Union-led group to raise their
offers. If the stalemate continues, an auction will be
As of 0347 GMT, F&N was up 0.5 percent at S$9.55. It has
fallen 1.5 percent since the start of the year.
Charoen is F&N's largest shareholder with a 34 percent
stake, held through Thai Beverage PCL and TCC Assets
Kirin Holdings Co Ltd is F&N's second-biggest
shareholder with a stake of around 14.8 percent.
(Reporting by Charmian Kok; Editing by Ryan Woo)