Temasek Sells Fraser and Neave Stake to Kirin

Singapore state investor Temasek Holdings will sell its 14.7% stake in beer and property conglomerate Fraser and Neave to Kirin Holdings in Japan for S$1.3bn ($950m), according to company officials.

Kirin, which owns Lion Nathan National Foods in Australia, aims to increase its overseas sales ratio from 25% this year to 29% by March 2013.

The company recently merged with Australian beer group Lion Nathan and National Foods to create the largest food and beverage company in the region.

Kirin also owns 48% of San Miguel, the Philippines beer company, and has subsidiaries in China as well as a joint venture in Vietnam.

The deal follows Kirin’s failed bid to merge with Suntory, a beer and beverages group, which could not be completed due to differences over the merger ratio.