According to CIMB, two possible scenarios are;
1. F&N sells property arm to TCC, valued at S$7.7bn excluding any discount to value. TCC can afford this by paying back its 61.7% stake in F&N worth S$8.5bn. F&N becomes a pure F&B company with Thai Bev holding the majority of shares. Oishi and Serm Suk will then be injected into F&N.

2. F&N sells F&B business to Thaibev, estimated between S$2.7-2.8 bn. Thaibev can afford this by paying back its 29% stake in F&N worth S$3.6bn. Thaibev will no longer be exposed to property and have all F&B interests housed under one entity, easier to derive synergies.

As I was reading the local Bangkok Post yesterday, I saw an announcement by Krung Thai Asset Management (KTAM) which said that real estate companies controlled by Khun Dhanin’s Charoen Pokphand Group and Khun Charoen’s TCC Group are …