Charoen extends bid for F&N
Play
Thai tycoon Charoen Sirivadhanabhakdi on Thursday decided to extend the bid for Fraser & Neave from today to Dec 11 or a later date.
In a filing to the Singapore Exchange, TCC Assets, Charoen's property arm which teamed up with Thai Beverage in launching the takeover attempt against F&N, maintained the offer price at S$8.88.
It was earlier expected to pull off the tender offer or raise the bid, to beat Overseas Union Enterprise which is tendering for F&N shares at S$9.08.
Thai Beverage's nine-month sale revenue rose 31.6 per cent on year to Bt119.56 billion, despite hikes in the minimum wage in April and excise taxes in August.
The company's net profit during the Jan-Sept period rose 45.2 per cent on year to Bt12.7 billion, according to the company's statement.
In the third quarter alone, its sale revenue and earning rose 28.4 per cent and 16.4 per cent, to Bt37.58 billion and Bt3.04 billion, respectively.
Including Serm Suk's operations in 2011, the company said that its non-alcoholic beverage sale revenue accounted for 19.7 per cent of the group's in the first nine months. Yet, this contributed only 6.3 per cent to the net profit. Spirits, which accounted for 56.9 per cent of revenue, generated 97.5 per cent of the company's earning. Beer, constituting 20.5 per cent of sale, dragged the net profit by 4.2 per cent.
