Thai Beverage incorporates two subsidiaries with F&N in Thailand

Cans of Chang beer at a Singapore supermarket; taken September 2018. The Chang brand is owned, brewed and distributed by Thai Beverage.Cans of Chang beer at a Singapore supermarket; taken September 2018. The Chang brand is owned, brewed and distributed by Thai Beverage.

Thai Beverage said on Tuesday that it incorporated two new subsidiaries in Thailand with its associated company F&N for the purpose of investment management.

The first subsidiary is F&N International Holding, or FNIH, with a registered capital of 10 million Thai baht (S$426,450 or US$315,657), consisting of 1 million shares at a par value of 10 baht, ThaiBev said in a filing to SGX after the market close on Tuesday.

Green Bean, an indirect wholly owned subsidiary of ThaiBev, will hold 51 percent of FNIH, while Fraser and Neave (F&N) holds 48.9999 percent and Inter F&B, which is a subsidiary of F&N, owns 0.0001 percent, the filing said.

The second subsidiary, F&N Retail Connection, or FNRC, has registered capital of 18 million baht, consisting of 1.8 million shares with a par value of 10 baht, ThaiBev said.

FNIH will hold 51 percent of FNRC, while Inter F&B holds 48.9999 percent and F&N holds 0.00001 percent, it said.

The controlling shareholders of ThaiBev have an aggregate majority stake in F&N and have some common directors, the filing said.

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