F&N’s board of directors to resign next week

To make way for Thai billionaire Charoen Sirivadhanabhakdi.

Fraser and Neave Limited announced on Tuesday that all the directors of the Company intend to resign from office following the close of the Revised TCC Offer.

During the 114th Annual General Meeting of the F&N, Chairman Lee Hsien Yang told shareholders that the resignation will allow Thai billionaire Charoen Sirivadhanabhakdi to chart new direction for the company. Charoen currently has 46% stake in the F&N.

The Directors are committed to ensuring an orderly transition to a new Board. Subject to and upon the Revised TCC Offer becoming or being declared unconditional as to acceptances, the Board will be appointing three additional Directors to the Board, in consultation with TCC Assets Limited.