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Hi Jeremy,
I thought the acquisition of F&N is rather strategic for Thai Beverage as one of the moats – distribution network allows their products, i.e. Singha beers to distribution into F&N existing distribution network effortlessly. On liquidity issue, I guess the biz is cash generative that’s why the company can afford to keep its cash at low level but you are right to point out that it is definitely something we should take note of.