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Charoen becomes chairman of F&N
Publication Date : 02-03-2013
Thai tycoon Charoen Sirivadhanabhakdi has become chairman of Fraser and Neave, amid speculation that he will turn the Singaporean food/beverage and property company into the holding company of his empire.
A source told The Nation earlier that Charoen planned to make F&N the holding company of his businesses, after completion of the takeover in Singapore.
His wife, Khunying Wanna, will be vice chairwoman of F&N while Pailin Chuchottaworn, president of PTT, will become an independent director, according to filings to the Singapore Exchange on Thursday.
Charoen and Wanna have approximately a combined 90.32-per-cent interest in F&N through their holdings in Thai Beverage and TCC Assets, both substantial shareholders of F&N.
"I am pleased to join F&N as chairman of the board," Charoen said in a filing. "F&N is recognised as a leading Asia-Pacific consumer group with strong standing in the food-and-beverage, property, and publishing/printing sectors.
"I look forward to working closely with the board and management team to build upon the successes of the company achieved under the guidance of Mr Lee Hsien Yang and the other former board members, and pursue the numerous opportunities available to the group in this region."
Lee stepped down as chairman on Tuesday, soon after the company's takeover by ThaiBev and TCC.
Charoen is currently chairman of several companies including ThaiBev, Beer Thai (1991), Red Bull Distillery Group of Companies, TCC Land, Berli Jucker, South East Group Co and TCC Holding Co.
The tycoon holds an honorary doctoral degree in agricultural business administration from Maejo Institute of Agricultural Technology (now Maejo University) in Chiang Mai, an honorary doctoral degree in industrial technology from Chandrakasem Rajabhat University, an honorary doctoral degree in management from Huachiew Chalermprakiet University in Samut Prakan, an honorary doctoral degree in business administration from Eastern Asia University, an honorary PhD in business administration from Mae Fah Luang University in Chiang Rai, an honorary doctoral degree in management from Rajamangala University of Technology Suvarnabhumi, and an honorary doctoral degree in international business administration from the University of the Thai Chamber of Commerce.