F&N up in early trade
Fraser and Neave Holdings' (F&N) price rose on Thursday, July 8 after it received shareholders' nod to divest its entire equity interest in Malaya Glass Products Sdn Bhd for RM738.6 million. At 9.05am, F&N added six sen to RM12.70 with 4,800 shares done.
"The completion of transaction is now subject to the Ministry of International Trade and Industry approval next week," F&N CEO Tan Ang Meng said.
F&N proposed to divest its 100% equity interest in Malaya Glass to Berli Jucker Public Company Ltd and ACI International Pty Ltd for US$221.7 million (RM738.6 million).
F&N would have a net cash of about RM1 billion after the disposal.
Written by Surin Murugiah
The Edge Malaysia
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