27-02-2014, 09:34 PM
Looking at the latest B/S for ThaiBev, it has expectedly used the cap reduction monies from FNN to repay its debt - reducing its gearing from 120% to 60+%, which is still much higher than its trailing 5y gearing average of 20-30% before the acquisition.
The asset stripping exercise from FNN+FCL looks still very much intact.
The asset stripping exercise from FNN+FCL looks still very much intact.