ThaiBev proposed share swap with TCC Assets values FPL at $1.89 per share

It will no longer hold any interest in FPL upon completion.

Thai Beverage Public Company Limited (ThaiBev), through its indirect wholly-owned subsidiary InterBev Investment Limited (IBIL), has proposed a share swap with TCC Assets Limited (TCCAL). It will involve no cash outlay from either IBIL or ThaiBev.

In the proposed share swap, IBIL will transfer its entire 28.78% shareholding in Frasers Property Limited (FPL) to TCCAL. In return, TCCAL will transfer its 41.30% shareholding in Fraser and Neave, Limited (F&N) to IBIL.

The proposed share swap will occur at a ratio of around 1.88 FPL shares for each F&N share. This ratio was established through negotiations reflecting prices of $1.89 per FPL share and $3.55 per F&N share.

Upon completion, ThaiBev will no longer hold any interest in FPL, and its stake in F&N, held indirectly through IBIL, will rise from 28.31% to 69.61%. Concurrently, TCCAL's stake in F&N will decrease from 58.90% to 17.60%, whilst its stake in FPL will increase from 58.10% to 86.89%.

“Our aim with the proposed share swap is to entrench our position as a stable and sustainable ASEAN leader and cement our pure-play status by exiting the property business,” said Prapakon Thongtheppairot, Group CFO of ThaiBev.

“It also gives us a better ability to strengthen the collective potential of ThaiBev’s non-alcoholic beverage segment and F&N’s beverage and food brands to expand our reach in Southeast Asia,” he continued.