F&N share rises on share auction
Fraser and Neave today saw its share price rise by nearly 2 per cent, as Thai and Indonesian tycoons face off in an auction.
At 4.35pm Singapore time, F&N share price rose S$0.15 to S$9.73, after Thai tycoon Charoen Sirivadhanabhakdi raised the bid price from S$8.88 to $9.55. This trumps the S$9.08 a share bid by Overseas Union Enterprise (OUE).
F&N is the 9th most active stock today in Singapore Exchange.
As the bid price was raised, Charoen's TCC Assets, which is assisting Thai Beverage in taking over the Singaporean food and beverage conglomerate, reported the acquisition of additional shares. On Jan 19, TCC Assets bought 2.2 million more shares of F&N or 0.15 per cent of total issued shares, at the price of S$9.55. This increased the number of shares owned by Charoen's group to 577.6 million shares or 40.09 per cent.
The Securities Industry Council called for the share auction, to resolve a protracted battle for F&N.
