Charoen cuts F&N stake to meet public float requirement

Singapore

THAI tycoon Charoen Sirivadhanabhakdi has trimmed his stake in Fraser and Neave (F&N), to raise the conglomerate's public float to meet listing requirements.

TCC Assets, Mr Charoen's private vehicle, on Thursday sold a 2.1 per cent stake in F&N, or 30.9 million shares, for $173 million through married deals, F&N said in a statement late Thursday. At $5.596 per share, the sale price represented a 0.6 per cent discount to F&N's Thursday closing price of $5.63.