SINGAPORE - Fraser and Neave (F&N) said that Myanma Economic Holdings Ltd (MEHL) has confirmed that the sale of F&N's 55 per cent stake in Myanmar Brewery Limited shall be completed at US$560 million (S$774.7 million), and an originating summons will be withdrawn by MEHL.
This value is based on the exchange rate between the Myanmar kyat and the US dollar as of April 30, 2013.
MEHL, F&N's Myanmar partner in the brewery, had on July 29 filed an originating summons in the Singapore High Court, requesting that F&N complete the transfer of its stake in Myanmar Brewery to MEHL or its nominee by Aug 20 for 500 billion kyat or the equivalent value in US dollars as at the day before the sale's completion. MEHL's desired exchange rate would translate to approximately US$400 million.
But F&N countered that the sale should be undertaken at the stake's fair estimate value of US$560 million as determined by an independent valuer who applied the 2013 exchange rate.
The Singapore High Court had, on July 31, dismissed with costs an interim injunction on MEHL's application.