A revaluation of some real estate assets owned by Fraser and Neave (F&N) has revealed a surplus of about $498mil. This revaluation is part of preparations for the offeree circular that is being assembled in the wake of Thai tycoon Charoen Sirivadhanabhakdi's $8.8bil o'er for the almost 70% of F&N shares that he does not already own. As of yesterday, Mr Charoen was deemed to have an interest in 33.17% of F&N  '  up from 31.22%  '  after a series of on'market and married transactions made last week.

A total of 20 properties were revalued, ranging from The Centrepoint in Singapore to Fraser Place Melbourne. Of the total $498mil net revaluation surplus after tax, the group's Baitang property in China accounted for the largest chunk at $95.7mil, followed by Fraser Suites Singapore at $73.7mil. The o'eree circular will be sent to shareholders by Thursday. The offer will close at 5.30pm on Oct 29.

Source: The Business Times