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$ThaiBev (Y92.SG)$ Fraser & Neave trading at S$ 1.2x region ...

$ThaiBev (Y92.SG)$ Fraser & Neave trading at S$ 1.2x region and Thai Bev owns 70% of Fraser & Neave, after share swap. What I can't comprehend is why Thai Bev still trades at S$ 0.505???
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