Fraser & Neave Ltd (F&N), controlled by Thailand's richest man Charoen Sirivadhanabhakdi, climbed the most in five weeks on plans to spin off its property business through a Singapore listing at the end of the year.
Shares of the 130-year-old company with investments from food and beverage to publishing increased as much as 5.1% and rose 2% to S$5.60 as of 9.49am in Singapore trading, set for the biggest jump since July 23. The company will offer two shares of its unit Frasers Centrepoint Ltd. for every stock held, it said in a statement on Tuesday.
F&N is spinning off a unit with S$9 billion (US$7 billion) of assets as of June, allowing both companies to focus on their separate expansion strategies. The move follows the S$13.8 billion takeover earlier this year by billionaire Charoen, aged 69.
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