F&N plans further $607m payout via capital reduction

TO streamline its capital structure after it spins off its property arm, conglomerate Fraser and Neave (F&N) is proposing to return $607 million to shareholders, or 42 cents a share.

The latest capital reduction exercise will not result in a cancellation or change in the number of shares F&N has, which will be 1.445 billion after the spinoff.

F&N is expected to complete its spin-off of Frasers Centrepoint Limited (FCL) next month, where existing F&N shareholders will get two FCL shares per F&N share held.