Fraser & Neave gets deadline extension until year end to restore its free float

FRASER & Neave has been given up an extended deadline of Dec 31 to restore the minimum prescribed free float by the Singapore Exchange.

Its controlling shareholder, TCC Assets and Thai Beverage Public Company, made the application for an extension due to adverse current market conditions and the time required for F&N its advisers to complete and evaluate a strategic review of the food, beverage and property conglomerate.

F&N had earlier been given up to July 19 to restore its public float to above 10 per cent.

TCC Assets has not been able to dispose of F&N shares with a view to restoring the public float during the period. It was in discussions with potential investors over the share sale but a deal could not be reached as market conditions became unfavourable.

There was also uncertainty with regard to the ongoing review, which may lead to a break-up in F&N business.

Last month, F&N said it would appoint advisers to study and review alternative strategic options to unlock shareholder value,

One option might involve segregating the company's property-related businesses from its non-property-related businesses.