Thai Beverage to use F&N to grow non-Thai business: CIMB report

Singapore

MAINBOARD-LISTED Thai Beverage Public Company (ThaiBev) is set to use Singapore-based Fraser & Neave (F&N) to expand its business outside of Thailand, according to a CIMB report. It said that a key takeaway from a recent meeting with F&N management was the confirmation that ThaiBev will use F&N to grow its non-Thai business.

ThaiBev had earlier announced its plans to complete the corporate restructuring of both F&N and Frasers Centrepoint by September this year, in which it holds a combined 28 per cent stake. "We retain our view that most likely, Thaibev will first divest Frasers Centrepoint and use the proceeds to enlarge its stake in F&N," said CIMB analyst Jonathan Seow in the report.