TPL - Acquisition of 51% interest in JCS Digital Solutions Pte Ltd 

Pursuant to Rule 704(15)(c) of the Listing Manual of the Singapore
Exchange Securities Trading Limited, Fraser and Neave, Limited ("the
Company") announces that Times Printers Private Limited ("TPPL"), a
wholly-owned subsidiary of the Company's subsidiary, Times Publishing
Limited ("TPL"), has entered into a conditional agreement to acquire
51% of the issued share capital (the "Sale Shares") of JCS Digital
Solutions Pte. Ltd. ("JCSDS") (the "Acquisition"). In addition, TPPL
has been granted a call option to acquire from the vendor of the Sale
Shares and existing shareholder of JCSDS (the "Existing Shareholder")
the remaining 49% of the issued share capital (the "Option Shares") of
JCSDS. TPPL has in turn granted the Existing Shareholder a put option
to require TPPL to purchase from her the Option Shares.

JCSDS carries on the business of servicing activities related to
digital printing, which is complementary to the existing business of
TPL.

The consideration for the Acquisition, arrived at on a
"willing-buyer-willing-seller" basis is S$1,632,000. The
consideration, payable in cash on completion, will be funded from
internal sources.

The net tangible asset value of JCSDS as at 31 December 2007 is
estimated to be S$2.65 million.

The transaction 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.


Anthony Cheong Fook Seng
Group Company Secretary

28 May 2008