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Fraser & Neave: buying back shares

Shareholders of Singapore“s beverage and properties group Fraser & Neave has approved four proposals that, among other things, put in place a share buyback scheme and allows the company to issue shar…

Shareholders of Singapore“s beverage and properties group Fraser & Neave has approved four proposals that, among other things, put in place a share buyback scheme and allows the company to issue shares or scrip in lieu of a cash dividend. At an extraordinary general meeting, F&N shareholders also voted in favour of increasing the maximum number of directors from 9 to 12, and in favour of allowing the directors to raise capital by issuing shares by an amount of up to 50% of the issued capital. Based on its market value of US$ 1.8 billion and a share price of US$ 6.05, F&N currently has an issued capital of about 298 million shares. The previous limit for companies to raise capital via a bonus or rights issue or a placement was 10% of issued capital but this was recently raised to 50% by the Singapore Exchange.

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