F&N in dispute with Myanmar partner
- Published: 10/09/2013 at 01:39 PM
- Online news:
Fraser & Neave, controlled by billionaire Charoen Sirivadhanabhakdi, said it received an arbitration notice from the lawyers of its partner in Myanmar Brewery.
The notice relates to an earlier claim by Myanmar Economic Holdings, the other stakeholder in the 18-year-old joint venture, that F&N has to sell its 55% stake in Myanmar Brewery to the partner.
F&N said in an Aug 29 statement there is no basis to the claim. The maker of Myanmar Double Strong and Andaman Gold beer is F&N's remaining brewery after it sold Asia Pacific Breweries, the maker of Tiger beer, to partner Heineken NV.
"The matter is in the hands of the company's lawyers,'' F&N said in the statement to the Singapore exchange on Tuesday. It earlier said it would vigorously resist the claim.
F&N said last month it plans to spin off its property business from operations including beverages and publishing through a Singapore listing by the end of this year.
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