Brierley spends $19M on Fraser and Neave

The investment company has acquired another 1.8 million shares in F&N, taking its holding to 10.852%. The shares were bought at S$7.5079 per share to make a total payment of just under NZ$19 million.

This will increase the average price the company has paid for its stake in F&N, but not by much. Before the latest acquisition the average price was around S$6.00 per share.

Fraser & Neave is a diversified Singapore-listed company with investments throughout Asia in businesses such as food, beverages, property and publishing.

Brierley has said before it may look for a strategic stake in F&N, possibly taking its holding to 15% or higher. The company last week agreed to invest a further $150 million in ailing New Zealand carrier, Air New Zealand (NZSE: AIRVA).

F&N is a major shareholder in Asia Pacific Breweries along with Dutch brewer Heineken. Asia Pacific Breweries owns around 75% of DB (NZSE: DBG).

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