Kirin Holdings Co. will probably sell its 15 percent stake in Singapore’s Fraser and Neave Ltd. to Thai Beverage Public Co. for about ¥120 billion, informed sources said Friday.
The Thai Beverage group, which already has a stake of about 30 percent in Fraser and Neave, earlier this month announced a tender offer for the remaining shares in the food and real estate conglomerate.
Kirin acquired its Fraser and Neave shares for some ¥85 billion in 2010, as it planned to use the company’s distribution network to expand its operations in Southeast Asia.
Even if the major brewer declines to sell its stake in Fraser and Neave, the Singaporean company will be owned 85 percent by Thai Beverage. “If that happens, our original business strategy in Asia will fail,” a Kirin executive said.