F&N plans to separate its property business by listing it at the end of the year. Existing F&N shareholders will be offered two shares of Frasers Centrepoint for every F&N share held.
DMG believes the effects of the holding company discount upon F&N due to the property and non-property businesses being lumped together previously, will be mitigated as the individual businesses can be valued independently. They also singled out the F&B business to see an improved valuation.
I am very interested to see how this pans out and what value the F&B business will be and its resultant effect on Thai Bev.