Singapore: Asia Pacific Breweries Limited provides clarification regarding the appointment of the Regional Director for China
Following the report in today's The Straits Times regarding legal proceedings in which Asia Pacific Breweries Limited (the company) is involved, the Company made November 28 this announcement in the interests of providing clarification.
The Company and its holding company, Fraser and Neave, Limited are parties to legal proceedings commenced by Heineken International B.V., Heineken Nederlands Beheer B.V. and Heineken Brouwerijen B.V. (collectively, "Heineken"). Heineken filed a summons in the High Court of Singapore to obtain a declaration as to the party entitled to appoint the Regional Director of China ("RD China") for the Company. The RD China manages the business interests of the Company in China. He reports to the CEO of the Company.
The High Court has been asked to rule on the interpretation of certain documents. The matter was part heard on 22 and 24 August 2006 and has been adjourned for further arguments to 29 and 30 November 2006.
The proceedings are not considered to be material litigation as the outcome would not have a material impact on the financial performance of Asia Pacific Breweries Limited.
Listed on the Singapore Exchange, Asia Pacific Breweries Limited (APB) is one of the key players in the beer industry. A joint venture between the Fraser and Neave Group of companies and Heineken of Holland, APB was established as Malayan Breweries Limited (MBL) in 1931. It went on to open its first brewery in Singapore and launched the award-winning Tiger Beer a year later.
To more accurately reflect the growing regionalisation of its business interests, MBL was renamed Asia Pacific Breweries Limited in 1990. Today, APB oversees a portfolio of over 40 beer brands and brand variants, including Tiger Beer, Heineken, Anchor and ABC Stout. The group operates an extensive global marketing network, which spreads across 60 countries and is currently supported by 28 breweries in ten countries including Singapore, Cambodia, China, India, Malaysia, New Zealand, Papua New Guinea, Sri Lanka, Thailand, and Vietnam. With its recent joint ventures in India, Laos and Mongolia, APB’s brewery count is expected to increase by another 3 in 2007.
Fraser and Neave, Limited (F&N) is a leading Pan Asian Consumer Group with core expertise and dominant standing in the Food and Beverage, Property and Printing & Publishing industries.
Heineken has its roots in Amsterdam, where in 1864, Gerard Adriaan Heineken acquired the Hooiberg (Haystack) brewery. This brewery itself dates back to 1592. Heineken N.V. is the most international brewer in the world. The Heineken brand is sold in almost every country in the world and the company owns over 115 breweries in more than 65 countries with a total volume of 113 million hectolitres. Heineken owns and manages a strong portfolio of more than 120 top selling brands, which has Heineken at its centre.
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