Chang beer brewer Thai Beverage Public Co has knocked IHH Healthcare out of the Straits TimesIndex (STI) after taking a bite out of Fraser and Neave (F&N).

ThaiBev will be added to the STI on March 18, STI partners Singapore Press Holdings, Singapore Exchange (SGX) and FTSE Group said in a joint announcement following a quarterly review of the various
Singaporemarket benchmarks.

The STI tracks the 30 largest stocks on SGX by market capitalisation, and inclusion often boosts constituent stocks' values if only because of index funds that seek to replicate market benchmarks.

ThaiBev, which had a market cap of $14.3 billion at yesterday's close, has seen its share price increase by 44 per cent since the start of the year on the back of its acquisition of a substantial stake in F&N, a property and beverage conglomerate.

Source: AmFraser