Kirin to sell 15% stake in F&N to TCC for $1.61bn
Japanese brewer and soft drink maker Kirin Holdings has agreed to sell its 15% stake in Fraser & Neave (F&N) to TCC Assets, a company owned by Thai billionaire Charoen Sirivadhanabhakdi, for SGD2bn ($1.61bn).
With this deal, Kirin is expected to receive a pretax profit of around JPY47bn ($506.74m).
The company had acquired 15% stake in F&N in 2010 as part of an integrated beverages strategy to expand in Southeast Asia. However, with the recent changes in F&N's ownership structure, the company shelved its plans.
The Japanese firm wants to continue its integrated beverage plans in Southeast Asia through Kirin Holdings Singapore, Vietnam-based Interfood Shareholding and Thailand-based Kirin Beverage.
Kirin Holdings is also seeking for new business opportunities with local and regional partners.
Kirin operates a group of companies, including Kirin Beverages which offers products such as coffee, black tea, Japanese tea, mineral water and juice in Japan as well as globally.