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Fraser and Neave Unit Secures Nearly 20% Stake in New Zealand-Based Comvita

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Fraser and Neave's (SGX:F99) subsidiary, F&N Ventures, subscribed to around 26 million shares in New Zealand-listed Manuka honey producer Comvita (NZE:CVT) for NZ$18.8 million, according to a Tuesday filing with the Singapore Exchange.

Shares of the food and beverage company were down nearly 1% in Wednesday trading.

The transaction was conducted as part of Comvita's recent entitlement offer and is expected to settle formally on May 18.

Pursuant to the transaction, F&N Ventures will acquire a 19.99% stake in Comvita, the filing said.

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