Thai takeover means Lee's exit
SINGAPORE - The successful purchase of the Singapore drinks company Fraser and Neave Ltd (F&N) means the likely departure of its chairman Lee Hsien Yang, brother of the Singapore prime minister.
- Published: 28/01/2013 at 09:08 AM
- Newspaper section: breakingnews
A report in The Star of Malaysia on Monday said Mr Lee's future at his company is bleak.
The second son of modern Singapore's founder Lee Kuan Yew, Mr Lee, now 55, "could well leave F&N," The Star reported.
F&N directors decided on Sunday to accept an offer valued at around $11 billion (334.43 billion baht) to sell out to Charoen Sirivadhanabhakdi's TCC Assets Ltd. Mr Charoen, best known as the owner of Thai Beverage Plc, is Thailand's richest man.
Lee's future is sure to be a hot topic at a shareholder meeting on Tuesday.
"He will leave F&N, that's my sense," The Star's report quoted Mano Sabnani, a minority shareholder. "If they wanted him and they asked him (to stay), then maybe. But Hsien Yang is a very capable chap. For him to get other roles is not a problem."
If Lee does leave F&N, the impact will be minimal as the senior management is intact and the business carries on, said the report.