Charoen's revamp plan for F&N winning over bond market investors
Singapore
THAI billionaire Charoen Sirivadhanabhakdi is getting support in the bond market for his plan to reorganise Fraser and Neave Ltd (F&N), a maker of beverages, books and luxury condos.
The 130-year-old Singapore conglomerate, which Mr Charoen bought this year, sweetened terms after debt holders refused a bid last month to change the conditions on notes including its 2016 Singapore-dollar bonds so it could spin off its property unit. The yield on those securities has dropped to a two-month low at 2.27 per cent, DBS Group Holdings Ltd prices show. Corporate yields in the currency average 3.15 per cent, according to HSBC Holdings Ltd.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Far East Orchard acquires 49% stake in UK-based purpose-built student accommodation operator for £17.6 million
Nestle sales growth sputters on US slump, vitamin snags
BNP Paribas beats estimates as lower costs offset trading slump
TikTok ultimatum puts US firms in firing line for China response
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
BHP targets Anglo American in bid valuing miner at US$39 billion