Fraser and Neave has injected around S$114.84 million into two joint ventures to facilitate the acquisition of Starbucks Thailand, the beverage maker said in a filing to SGX Friday.
F&N invested S$76 million into wholly-owned subsidiary InterF&B and about S$38.84 million into its associated company F&N International Holding (FNIH) to facilitate the Starbucks Thailand acquisition by Coffee Concepts (Thailand).
For the acquisition, F&N will provide a guarantee of up to US$180 million, or around S$246.06 million, in favor of the sellers of Starbucks Thailand as security for CCT meeting its obligations, the filing said.
In addition, the company will provide a guarantee and indemnity of up to US$92.44 million in favor of HSBC’s Singapore and Bangkok branches as security for CCT, it said.
F&N and InterF&B together own 49 percent of FNIH, while the remainder is held by Green Bean Co. CCT is a partnership between F&N Retail Connection (FNRC) and Maxim’s. FNRC is 49 percent owned by F&N and InterF&B, while the remainder is held by FNIH.
In a separate filing to SGX Friday, Thai Beverage said its associate, FNIH, completed a 1.83 billion baht increase in its registered and paid-up capital.
Thai Beverage said it financed Green Bean’s capital increase via internal funds.
Green Bean is an indirect wholly owned subsidiary of Thai Beverage.
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