SINGAPORE - Singapore's Fraser and Neave Ltd (F&N) failed to get the required 75 per cent vote in favour of its plan to pay out S$4 billion (US$3.3
billion) to its shareholders after the sale of its beer business, Asia Pacific Breweries Ltd (APB), to Heineken NV.
About 54.3 per cent of shareholders voted in favour of the capital reduction plan, below the 75 per cent required for the proposal to go through.
F&N's biggest shareholders - companies linked to a Thai billionaire - had said earlier this week that they will vote against the capital reduction plan.
The Thai group, which owns a combined 30.7 per cent stake in F&N, has made a US$7.2 billion bid to take over the Singapore conglomerate, which also has interests in soft drinks, dairy products, property and
I wonder what type of Board does F&N have; they know they need 75 % to defeat
the motion for capital reduction/dividend payment whilst it is also known that
the Thais hare close to/above 30 %. - Why wasting time and effort to put this
up for a vote? The F&N Board appears to be asleep a the wheel, i.e. waste of shareholder's money....
defintiely time for fresh faces on the F&N Board to optimize the ample assets
they control
Trevor II
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