Fraser and Neave announced that the Singapore Hight Court has dismissed the application by Myanma Economic Holdings Ltd (MEHL) for an interim injunction requiring F&N to take all steps necessary to transfer the company’s stake in Myanmar Brewery to MEHL upon it paying the sum of F&N 500 billion Myanmar kyat at current exchange rates. That fee is equal to US$405 million at today's exchange rates.
On July 30, Myanmar government-backed MEHL had asked the High Court to order F&N to transfer its 55% stake in Myanmar Brewery Limited to the Myanmar firm by Aug 20 in a dispute over a deal dating back to 2013 over the brewery’s value.
But F&N, backed by Thai tycoon Charoen Sirivadhanabhakdi, says the sale should be completed in US dollars based on a 2013 exchange rate, estimating the fair value of its stake to be US$560 million.
“The company wishes to update shareholders that on 31 July 2015, the Singapore High Court heard the application for Interim injunction and dismissed it with costs to the company,” says F&N in the SGX filing.
F&N says it will make further announcements in due course to update shareholders of any material developments.
Shares of F&N closed 4 cents lower at $2.37 on July 31.
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On July 30, Myanmar government-backed MEHL had asked the High Court to order F&N to transfer its 55% stake in Myanmar Brewery Limited to the Myanmar firm by Aug 20 in a dispute over a deal dating back to 2013 over the brewery’s value.
But F&N, backed by Thai tycoon Charoen Sirivadhanabhakdi, says the sale should be completed in US dollars based on a 2013 exchange rate, estimating the fair value of its stake to be US$560 million.
“The company wishes to update shareholders that on 31 July 2015, the Singapore High Court heard the application for Interim injunction and dismissed it with costs to the company,” says F&N in the SGX filing.
F&N says it will make further announcements in due course to update shareholders of any material developments.
Shares of F&N closed 4 cents lower at $2.37 on July 31.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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