Charoen appointed F&N chairman

Charoen Sirivadhanabhakdi became chairman of Fraser & Neave Ltd (F&N) after his S$13.8 billion (330 billion baht) takeover of the 130- year-old property and beverage company.

The appointment is effective from Thursday, Singapore-based F&N said in a statement. Mr Charoen, 68, replaces Lee Hsien Yang, who stepped down on Tuesday. His wife, Wanna, 69, was named the vice chairman.

Charoen Sirivadhanabhakdi becomes chairman of Fraser & Neave. (File photo)

Mr Charoen won control of F&N last month after his Jan 18 offer of $9.55 a share gained the backing of a majority of shareholders and topped a proposal from rival Overseas Union Enterprise Ltd. The deal gives Mr Charoen control over a company that has assets from soft drinks to serviced apartments across Southeast Asia. The billionaire first invested in F&N in July, setting off a fight for its assets that led to the biggest acquisition of a Singapore-based company.

Pailin Chuchottaworn, president and chief executive officer of PTT Plc, also joined the F&N board, along with Chan Heng Wing and Charles Mak Ming Ying, according to the statement. F&N's board now has nine members after the appointments.

Mr Lee, the former chief executive officer of Singapore Telecommunications Ltd, is the younger brother of Prime Minister Lee Hsien Loong.

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