Asia Pacific Breweries Limited Launches Offer For DB Breweries Limited

26 July 2004

Asia Pacific Breweries Limited (APBL), today announced its intention to make an unconditional takeover offer for the purchase of the 23.09% of New Zealand brewer DB Breweries Limited (DB) that it does not already own.

The offer price is NZ$9.50 cash per share. This represents a 20.25% premium to the last trade of NZ$7.90. The bid values DB at about NZ$479 million.

In pre-bid agreements, Accident Compensation Corporation (ACC), the largest shareholder in DB after APBL and several other investors, have agreed to sell their entire holdings totalling 4,206,055 shares, into the offer. This means that APBL is entitled to record a relevant interest of 85.25% in the capital of DB.

The offer is being made to enable APBL to privatise and de-list DB, and reflects APBL's strong long-term commitment to its business in New Zealand.

APBL believes that DB's capital expenditure requirements can be met without the need to raise capital on the NZX, thereby making a stock exchange listing of DB less relevant.

APBL's unconditional offer will allow all DB shareholders an excellent opportunity to exit their shares at a strong premium to a market price that is close to its highest level in more than a decade.

The offer is expected to be mailed to all shareholders on August 9. If the offer is mailed on August 9, it will close on September 6, unless extended by APBL.

APBL is a Singapore listed company with brewing operations throughout the Asia Pacific region. It is majority owned by a joint venture of Heineken N V and Singapore-based diversified group Fraser and Neave Limited. APBL produces and markets throughout Asia two of the world's best known beer brands, Heineken and Tiger Beer.

DB produces and markets some of New Zealand's best known beers including leading brands such as DB Draught, Export Gold, Tui, Heineken and Monteith's.

APBL is being advised jointly by Societe Generale and Mariner Corporate Finance.

Issued by: Asia Pacific Breweries Limited

For more information, please contact :

Anthony Cheong (65) 63189302
Sarah Koh (65) 62775059

Submitted by Anthony Cheong Fook Seng, Company Secretary on 26/7/200