Channel News Asia:

Shares of Fraser and Neave (F& N) slumped to a six-month low on the Singapore Exchange after the company resumed trading following a two-month halt.

Analysts attribute the drop to shareholders selling out of the property and drinks company, following the end of the takeover saga by TCC Assets and Thai Beverage.

Liu Jinshu, deputy lead analyst at SIAS Research, said: " The likelihood of new bidders coming is actually close to very low. Another reason is because it is now a very illiquid counter with less than 10 percent of its shares publicly held. So being a relatively illiquid counter, there're not many bids in the market therefore its share price succumbs to selling pressure relatively easily.”

F& N said it has until July 19 to restore its public float.

Analysts note that shareholders will await details of how TCC plans to maintain the conglomerate's listing status.

Mr Liu said: " The more common way is to issue more shares through a share issuance exercise which of course, has negative connotations to its share price, so this possibility supports this share price movement for F& N. Another strategy could be for F& N to subdivide its shares but it does not change the number of shareholders out there that it has."

Thai billionaire Charoen Sirivadhanabhakdi had emerged victorious in an intense takeover battle for F& N in February - acquiring over 90 percent of the company.

He bought shares in the firm through his TCC Assets and Thai Beverage units, and after the Singapore-listed Overseas Union Enterprise declined to match the offer by the Thais.

Shares of F& N ended Monday's session with a loss of 4.2 percent, closing at S$9.04 per share. They had traded as low as S$8.88.

Shares of Thai Beverage, which holds some 30 percent of F& N stock, rose about 6 percent to $0.60.

The Company will update shareholders as and when it has further information regarding the restoration of the public float of the Company.