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F&N shares rise after company announces $607m payout to shareholders

Published on Dec 27, 2013 11:19 AM

Shares of Fraser and Neave (F&N) rose on Friday morning after the Singapore-listed conglomerate said it would distribute about $607 million to its shareholders in a capital reduction exercise.

F&N gained 17 cents, or 2.7 per cent, to $6.37 by 11.15am on Friday, with more than 800,000 shares traded.

Shareholders are to get 42 cents per share, the company said in a press release on Thursday evening.

It added that the exercise will not result in a cancellation of shares or a change in the number of shares held by shareholders.

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