Acquisition of Capital Shine Limited

Pursuant to Rule 704(15) of the Listing Manual, Fraser and Neave, Limited announces that Kenton Assets Limited (held through its joint venture company Asia Pacific Investment Pte Ltd) has acquired the entire issued share capital of Capital Shine Limited ("Capital Shine"), a company incorporated in Hong Kong with interests in food and beverage companies.  Capital Shine has a paid-up capital of HK$1 and the purchase price for the acquisition is US$26.4 million (equivalent to approximately S$38.28 million), arrived at on a "willing-buyer willing-seller" basis.

The acquisition was fully paid in cash on completion and is being funded from internal resources.

The acquisition is not expected to have a material effect on the net tangible assets per share or earnings per share of the Group for the current financial year.

None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the acquisition.