Divestment of Interest in Harmonic Fairway Sdn Bhd

Further to the announcement on 7 April 2003, Fraser and Neave Limited announces that the divestment by its subsidiaries, Anchor Developments Pte Ltd (a subsidiary of wholly-owned Centrepoint Properties Ltd) and Fraser & Neave Holdings Bhd ("F&NHB") of their respective 25% shareholding interests in Harmonic Fairway Sdn Bhd, was completed today.

Enclosed is the text of the announcement made by F&NHB today on the completion of its divestment.

(See attached file: F&NHB-HFSB.doc )

Submitted by Anthony Cheong Fook Seng, Group Company Secretary on 17/7/2003 to the SGX