F&N says MEHL confirms sale of F&N's 55% stake in Myanmar Brewery for US$560m

FRASER and Neave (F&N) said the Myanma Economic Holdings Ltd (MEHL) has confirmed that the sale of F&N's 55 per cent stake in Myanmar Brewery Limited shall be completed at US$560 million, and the originating summons will be withdrawn by MEHL.

This value is based on the exchange rate between Myanmar kyat and the greenback on April 30, 2013.

MEHL had on July 29 filed an originating summons in the Singapore High Court, requesting that F&N complete the transfer of its stake in Myanmar Brewery to MEHL or its nominee by Aug 20 for 500 billion kyat or the equivalent value in US dollars as at the day before completion. MEHL's desired exchange rate would yield close to US$400 million.

But F&N was of the view that the stake sale should be valued at US$560 million based on the 2013 exchange rate applied by the valuer.

The Singapore High Court had, on July 31, dismissed with costs an interim injunction on MEHL's application.