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Former SingTel CEO Tipped to Head F&N: Report

The former chief executive of Singapore Telecommunications, Lee Hsien Yang, is expected to become chairman of Singapore conglomerate Fraser & Neave, The Business Times reported.

Even though Lee's new position is not an executive one, the article said he is expected to play a key role in shaping the company's future expansion plans.

F&N shares rose 1.8% on the news.

Lee, who is the younger son of Singapore's first prime minister Lee Kuan Yew, ran SingTel for 12 years before annoucing his surprise resignation in July 2006.

Fraser & Neave's chairman Michael Fam has been hunting for a successor in recent months.

The conglomerate, which has a stake in a brewer, owns shopping malls, and prints magazines, last December sold 14.9% of the company to state investor Temasek Holdings, run by Ho Ching, the prime minister's wife, for S$900 million ($591 million).