Fraser and Neave

Last updated
Fraser and Neave, Limited
Company type Public
SGX: F99
Industry Conglomerate
Founded1883;141 years ago (1883) (as Singapore and Straits Aerated Water Company)
FounderJohn Fraser
David Chalmers Neave
Headquarters Singapore
Area served
Worldwide
Key people
 Charoen Sirivadhanabhakdi, Chairman
Products Food and Beverage, Publishing
RevenueIncrease2.svg S$1.8 billion (2021) [1]
Decrease2.svg S$261.7 million (2021) [1]
Decrease2.svg S$140.4 million (2021) [1]
Total assets Increase2.svg S$4.9 billion (2021) [1]
Total equity Increase2.svg S$3.3 billion (2021) [1]
Owner ThaiBev
Number of employees
6,900+ (2021) [1]
Subsidiaries Fraser & Neave Holdings Bhd
Times Publishing Group
Website www.fraserandneave.com

Fraser and Neave, Limited (F&N) is a Thai-Singaporean food and beverage and publishing and printing industries conglomerate. It is owned by Thai Chinese billionaire business magnate Charoen Sirivadhanabhakdi.

Contents

Listed in Singapore, the group's subsidiaries include F&N Foods, F&N Creameries, Warbug Group, Yoke Food Industries and Times Publishing. As of 2023, F&N had total assets of over S$5 billion and employed over 7,200 people in 11 countries. [2]

In January 2014, through a distribution in specie and re-listing of Frasers Centrepoint Limited by way of introduction on the Singapore stock exchange, the group de-merged its properties business. [3]

History

Founding and early history

Caricature of John Fraser John Fraser cartoon.jpg
Caricature of John Fraser

The company (Singapore and Straits Aerated Water Company) was formed in 1883 by John Fraser and David Chalmers Neave, who diversified from their printing business (Singapore and Straits Printing Office) to pioneer the aerated water business in Southeast Asia in 1883.

In 1898, a new public company was formed and the two businesses were sold to the new company, named Fraser & Neave (F&N), for $290,000 in cash and shares. [4]

Diversification, restructuring, and expansion

In 1931, Fraser & Neave formed a joint venture with Holland's Heineken to venture into the brewing business. The brewery, Malayan Breweries Limited produced Tiger Beer, and later acquired Archipelago Brewery, which produced Anchor Beer. [5]

In 1936, F&N acquired the Singapore, Malaya and Brunei franchise rights for Coca-Cola drinks. Alongside its own range of F&N branded drinks, the company went on to acquire the rights to other PepsiCo, Coca-Cola, and Cadbury Schweppes brands – such as – 7-Up, Fanta, and Sunkist.

In 1990, Malayan Breweries changed its name to Asia Pacific Breweries.

Modern history

Logo of F&N Foods since 2007 F&N Foods logo.jpg
Logo of F&N Foods since 2007

In 1999, F&N purchased a 20% stake in Times Publishing before taking majority control of the company in 2000, with the entire acquisition costing around S$570 million. [6] This put F&N into the printing, publishing, retail bookstore, sales and distribution, education, internet and conference organisation businesses. In 2001, F&N took both Times and Centrepoint Properties private.

In 2006, the Singapore government investment company Temasek Holdings took a 14.9%, S$900 million stake in F&N, becoming F&N's second-largest investor. [7] In 2008, F&N reorganised its management structure and appointed chief executives for three of its core businesses: food & beverage; property; and printing and publishing. [8]

On 27 June 2007, F&N Singapore launched a new logo for its food and beverage business in order to reach the Asia-Pacific market.

In 2010, Temasek's entire stake was sold to Japan's Kirin Holdings for S$1.33 billion. [9]

On 1 September 2011, the three-quarter-century partnership between F&N and Coca-Cola in Malaysia, Singapore and Brunei ended. F&N no longer had the franchise rights to manufacture and market Coca-Cola beverages.

In July 2012, ThaiBev acquired a 22% stake in F&N from Oversea-Chinese Banking Corporation, raising its stake to 24.1%. [10]

In August 2012, F&N accepted an offer from Heineken to acquire its stake in Asia Pacific Breweries for US$4.1 billion. [11]

In September 2012, ThaiBev and its partner TCC Assets, both controlled by Thai Chinese billionaire Charoen Sirivadhanabhakdi, made a move to thwart efforts by Heineken to acquire control of Asia Pacific Breweries, with a S$8.8 billion (US$7.1 billion) cash offer for F&N. [12] Other companies, such as, Coca-Cola and Kirin Holdings, also showed interest for the soft-drink and food businesses of F&N, in order to expand their operations in Asia. [13] [14]

On 28 September 2012, F&N shareholders approved the sale of Asia Pacific Breweries to Heineken during the extraordinary general meeting held. [15]

In 2013, Kirin Holdings sold its 15% stake in F&N to TCC (ThaiBev). [16]

Frasers Centrepoint Limited and Frasers Property (2013–present)

Charoen Sirivadhanabhakdi expanded his ThaiBev drinks and property empire to include about two-thirds of this Singaporean conglomerate. [17] This was possible after Japan's Kirin Brewery Company sold its 15% stake for US$1.6 billion to Sirivadhanabhakdi. [18]

In January 2014, through a distribution in specie and re-listing of Frasers Centrepoint Limited by way of introduction on the Singapore stock exchange, the group de-merged its properties business. [3]

In February 2018, Frasers Centrepoint Limited was renamed Frasers Property globally. [19]

Products

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References

Notes

  1. 1 2 3 4 5 6 "Annual Report 2021. Fraser and Neave, Limited" (PDF). Retrieved 30 May 2022.
  2. ↑ "About Us: Fraser & Neave". Fraser & Neave. Retrieved 26 February 2024.
  3. 1 2 "About Us: Fraser & Neave". Fraser & Neave. Retrieved 24 August 2015.
  4. ↑ "Fraser and Neave, Ltd". Singapore Free Press. 27 January 1898. p. 3.
  5. ↑ Frankham, Steve (17 June 2008). Malaysia and Singapore. Footprint Travel Guides. p. 539. ISBN   978-1-906098-11-7 . Retrieved 25 April 2012.
  6. ↑ Lee, H.S. (27 April 2000). "What's in Times Publishing that attracts F&N?". Business Times.
  7. ↑ Yap, E. (9 December 2006). "F&N sells 14.9% stake to Temasek for $900m". The Straits Times.
  8. ↑ Goh, E (2 July 2008). "More questions than answers in F&N's management revamp". The Straits Times.
  9. ↑ Yap, E (27 July 2010). "Temasek exits F&N with $436m profit fizz". The Straits Times.
  10. ↑ "Thai Beverage increases stake in F&N". Channel NewsAsia. Archived from the original on 3 August 2012. Retrieved 31 July 2012.
  11. ↑ "Heineken reaches US$4.1b deal for Asia Pacific Breweries". Channel News Asia. Archived from the original on 6 August 2012. Retrieved 4 August 2012.
  12. ↑ "Thai group, Heineken in Tiger beer battle". CNN. 13 September 2012. Retrieved 14 September 2012.
  13. ↑ "ThaiBev makes offer for F&N". ChannelNewsAsia. 13 September 2012. Archived from the original on 18 November 2012. Retrieved 14 September 2012.
  14. ↑ "Thai Billionaire Bids for F&N in Hurdle for Heineken in Asia". Bloomberg. 13 September 2012. Retrieved 14 September 2012.
  15. ↑ "Heineken takeover of Tiger Beer maker approved". Channel News Asia. Archived from the original on 1 October 2012. Retrieved 28 September 2012.
  16. ↑ "Sale of Shares in Fraser and Neave, Limited and Recognition of Extraordinary Profit". Kirin Holdings Singapore. Retrieved 21 June 2015.
  17. ↑ Head, Jonathan (3 February 2013). "Thai whiskey tycoon Charoen takes over Fraser and Neave". Asia business. BBC News. Archived from the original on 2013-02-06. Retrieved 3 February 2013. BBC News, Bangkok. What are the secrets of business success in Thailand?
  18. ↑ "Thai tycoons go for it in multi-billion deals". Investvine.com. 2013-02-04. Archived from the original on 2013-02-12. Retrieved 2013-03-15.
  19. ↑ Nikkei Asian Review (1 February 2018). "Frasers Centrepoint Renamed Frasers Property". Asia business. Nikkei NewsRise Asia Pte Ltd. Retrieved 1 February 2018.

Bibliography

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