Fraser & Neave directors to resign from board after Thai takeover offer closes

Fraser & Neave's board of directors will leave the board once the offer from Thai billionaire Charoen Sirivadhanabhakdi closes.

The board, chaired by Mr Lee Hsien Yang, said that it is committed to ensuring an orderly transition to a new board.

It said that it will consult with Mr Charoen's investment vehicle TCC Assets to appoint three additional board members when the bid becomes unconditional.

The offer closes at 5.30pm on Feb 4. By then, Mr Charoen is expected to control more than 50 per cent of the conglomerate.

The announcement was made ahead of this morning's annual general meeting. The board added its thanks to shareholders and employees of the company for their support.

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