Thai Bev

Thai Bev: +5.2% at S$0.405 in strong volume of more than 7% of the shares changing hands on the SGX. The key share price driver isn't F&N'sannouncement it will proceed with the capital reduction vote at its upcoming EGM and that TCC Assets would not be required to increase its bid to take the proposed capital reduction into account, says CIMB. Add that house have been highlighting it's cheap, with $0.60 TP. F&N is down 0.6% at S$8.89, just a hair above the Thai group's S$8.88/share bid for the company. In its announcement, F&N noted it would delay implementing the proposed capital-reduction, if approved at the EGM, until after the resolution of the Thai group's offer as shareholders accepting the Thai bid prior to the capital reduction would receive a higher payment.