Jul 2, 2013 - PropertyGuru.com.sg
Singapore-listed conglomerate Fraser & Neave (F&N) is looking to spin off its property arm from its other divisions to further unlock shareholder value, according to media reports.
The spin-off “may involve a segregation of its property-related businesses from its non-property related businesses”, the group said.
However, F&N Chairman Charoen Sirivadhanabhakdi clarified that the board hasn’t made a decision on restructuring the company, adding that “any specific proposal or strategic option selected will be proceeded with only upon and subject to receipt of all relevant approvals. The board will keep the market appropriately informed of further material developments”.
The group’s property business includes mall ownership, real estate development and a serviced residence business. It also has a publishing unit and F&B business.
Meanwhile, F&N shareholders have approved a capital distribution amounting to S$4.73 billion or S$3.28 per share. This works out to about 84 percent of the S$5.6 billion collected by the company from selling assets to Dutch brewing giant Heineken in November.
F&N expects to obtain the High Court’s approval on the cash distribution on 15 July, while the payment date will likely be 31 July.Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email email@example.comRelated Stories:
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