Fraser and Neave
{{Short description|Thai-Singaporean food & beverage, publishing, and printing conglomerate}}
{{Infobox company
| name = Fraser and Neave, Limited
| logo = Fraser and Neave logo.svg
| type = Public
| traded_as = {{sgx|F99}}
| genre =
| foundation = {{start date and age|df=y|1883}} (as Singapore and Straits Aerated Water Company)
| founder = John Fraser
David Chalmers Neave
| location = Singapore
| area_served = Worldwide
| key_people = Charoen Sirivadhanabhakdi, Chairman
| industry = Conglomerate
| products = Food and Beverage, Publishing
| services =
| revenue = {{increase}} S$1.8 billion (2021){{cite web
|url=https://fraserandneave.com/docs/default-source/investor-relations/annual-reports/2021/f-n-ar2021.pdf
|title=Annual Report 2021. Fraser and Neave, Limited. |access-date=30 May 2022}}
| operating_income = {{decrease}} S$261.7 million (2021)
| net_income = {{decrease}} S$140.4 million (2021)
| assets = {{increase}} S$4.9 billion (2021)
| equity = {{increase}} S$3.3 billion (2021)
| num_employees = 6,900+ (2021)
| parent =
| owner = ThaiBev
| divisions =
| subsid = {{Nowrap|Fraser & Neave Holdings Bhd}}
Times Publishing Group
| homepage = {{URL|www.fraserandneave.com}}
| footnotes =
}}
Fraser and Neave, Limited (F&N) is a Thai-Singaporean food and beverage and publishing and printing industries conglomerate. It is owned by Thai Chinese billionaire business magnate Charoen Sirivadhanabhakdi.
Listed in Singapore, the group's subsidiaries include F&N Foods, F&N Creameries, Warbug Group, Yoke Food Industries and Times Publishing. As of 2023, F&N had total assets of over S$5 billion and employed over 7,200 people in 11 countries.
In January 2014, through a distribution in specie and re-listing of Frasers Centrepoint Limited by way of introduction on the Singapore stock exchange, the group de-merged its properties business.{{Cite web |title=About Us: Fraser & Neave |url=http://www.fraserandneave.com/about-us |access-date=24 August 2015 |publisher=Fraser & Neave}}
History
=Founding and early history=
The company (Singapore and Straits Aerated Water Company) was formed in 1883 by John Fraser and David Chalmers Neave, who diversified from their printing business (Singapore and Straits Printing Office) to pioneer the aerated water business in Southeast Asia in 1883.
In 1898, a new public company was formed and the two businesses were sold to the new company, named Fraser & Neave (F&N), for $290,000 in cash and shares.{{Cite news |date=27 January 1898 |title=Fraser and Neave, Ltd |pages=3 |work=Singapore Free Press |url=http://newspapers.nl.sg/Digitised/Page/singfreepressb18980127.1.3.aspx}}
=Diversification, restructuring, and expansion =
In 1931, Fraser & Neave formed a joint venture with Holland's Heineken to venture into the brewing business. The brewery, Malayan Breweries Limited produced Tiger Beer, and later acquired Archipelago Brewery, which produced Anchor Beer.{{Cite book |last=Frankham |first=Steve |url=https://books.google.com/books?id=pR4ZZ6Y3kHcC&pg=PA539 |title=Malaysia and Singapore |date=17 June 2008 |publisher=Footprint Travel Guides |isbn=978-1-906098-11-7 |page=539 |access-date=25 April 2012}}
In 1936, F&N acquired the Singapore, Malaya and Brunei franchise rights for Coca-Cola drinks. Alongside its own range of F&N branded drinks, the company went on to acquire the rights to other PepsiCo, Coca-Cola, and Cadbury Schweppes brands – such as – 7-Up, Fanta, and Sunkist.
In 1990, Malayan Breweries changed its name to Asia Pacific Breweries.
=Modern history=
In 1999, F&N purchased a 20% stake in Times Publishing before taking majority control of the company in 2000, with the entire acquisition costing around S$570 million.{{Cite news |last=Lee |first=H.S. |date=27 April 2000 |title=What's in Times Publishing that attracts F&N? |work=Business Times}} This put F&N into the printing, publishing, retail bookstore, sales and distribution, education, internet and conference organisation businesses. In 2001, F&N took both Times and Centrepoint Properties private.
In 2006, the Singapore government investment company Temasek Holdings took a 14.9%, S$900 million stake in F&N, becoming F&N's second-largest investor.{{Cite news |last=Yap |first=E. |date=9 December 2006 |title=F&N sells 14.9% stake to Temasek for $900m |work=The Straits Times}} In 2008, F&N reorganised its management structure and appointed chief executives for three of its core businesses: food & beverage; property; and printing and publishing.{{Cite news |last=Goh |first=E |date=2 July 2008 |title=More questions than answers in F&N's management revamp |work=The Straits Times}}
On 27 June 2007, F&N Singapore launched a new logo for its food and beverage business in order to reach the Asia-Pacific market.
In 2010, Temasek's entire stake was sold to Japan's Kirin Holdings for S$1.33 billion.{{Cite news |last=Yap |first=E |date=27 July 2010 |title=Temasek exits F&N with $436m profit fizz |work=The Straits Times}}
On 1 September 2011, the three-quarter-century partnership between F&N and Coca-Cola in Malaysia, Singapore and Brunei ended. F&N no longer had the franchise rights to manufacture and market Coca-Cola beverages.
In July 2012, ThaiBev acquired a 22% stake in F&N from Oversea-Chinese Banking Corporation, raising its stake to 24.1%.{{Cite web |title=Thai Beverage increases stake in F&N |url=http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1216929/1/.html |access-date=31 July 2012 |publisher=Channel NewsAsia |archive-date=3 August 2012 |archive-url=https://web.archive.org/web/20120803022825/http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1216929/1/.html |url-status=dead }}
In August 2012, F&N accepted an offer from Heineken to acquire its stake in Asia Pacific Breweries for US$4.1 billion.{{Cite web |title=Heineken reaches US$4.1b deal for Asia Pacific Breweries |url=http://www.channelnewsasia.com/stories/afp_singapore_business/view/1217735/1/.html |access-date=4 August 2012 |publisher=Channel News Asia |archive-date=6 August 2012 |archive-url=https://web.archive.org/web/20120806032522/http://www.channelnewsasia.com/stories/afp_singapore_business/view/1217735/1/.html |url-status=dead }}
In September 2012, ThaiBev and its partner TCC Assets, both controlled by Thai Chinese billionaire Charoen Sirivadhanabhakdi, made a move to thwart efforts by Heineken to acquire control of Asia Pacific Breweries, with a S$8.8 billion (US$7.1 billion) cash offer for F&N.{{Cite news |date=13 September 2012 |title=Thai group, Heineken in Tiger beer battle |publisher=CNN |url=https://edition.cnn.com/2012/09/12/business/singapore-thailand-heineken/index.html |access-date=14 September 2012}} Other companies, such as, Coca-Cola and Kirin Holdings, also showed interest for the soft-drink and food businesses of F&N, in order to expand their operations in Asia.{{Cite news |date=13 September 2012 |title=ThaiBev makes offer for F&N |publisher=ChannelNewsAsia |url=http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1225725/1/.html |access-date=14 September 2012 |archive-date=18 November 2012 |archive-url=https://web.archive.org/web/20121118092209/http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1225725/1/.html |url-status=dead }}{{Cite news |date=13 September 2012 |title=Thai Billionaire Bids for F&N in Hurdle for Heineken in Asia |work=Bloomberg |url=https://www.bloomberg.com/news/2012-09-12/thaibev-charoen-offers-s-9-billion-for-fraser-neave.html |access-date=14 September 2012}}
On 28 September 2012, F&N shareholders approved the sale of Asia Pacific Breweries to Heineken during the extraordinary general meeting held.{{Cite web |title=Heineken takeover of Tiger Beer maker approved |url=http://www.channelnewsasia.com/stories/afp_singapore_business/view/1228483/1/.html |access-date=28 September 2012 |publisher=Channel News Asia |archive-date=1 October 2012 |archive-url=https://web.archive.org/web/20121001003149/http://www.channelnewsasia.com/stories/afp_singapore_business/view/1228483/1/.html |url-status=dead }}
In 2013, Kirin Holdings sold its 15% stake in F&N to TCC (ThaiBev).{{Cite web |title=Sale of Shares in Fraser and Neave, Limited and Recognition of Extraordinary Profit |url=http://www.kirinholdings.co.jp/english/news/2013/0201_01.html |access-date=21 June 2015 |website=Kirin Holdings Singapore }}
=Frasers Centrepoint Limited and Frasers Property (2013–present)=
Charoen Sirivadhanabhakdi expanded his ThaiBev drinks and property empire to include about two-thirds of this Singaporean conglomerate.{{Cite news |last=Head |first=Jonathan |author-link=Jonathan Head |date=3 February 2013 |title=Thai whiskey tycoon Charoen takes over Fraser and Neave |work=Asia business |publisher=BBC News |url=https://www.bbc.co.uk/news/business-21289363 |url-status=dead |access-date=3 February 2013 |archive-url=https://web.archive.org/web/20130206015921/http://www.bbc.co.uk/news/business-21289363 |archive-date=2013-02-06 |quote=BBC News, Bangkok. What are the secrets of business success in Thailand?}} This was possible after Japan's Kirin Brewery Company sold its 15% stake for US$1.6 billion to Sirivadhanabhakdi.{{Cite news |date=2013-02-04 |title=Thai tycoons go for it in multi-billion deals |publisher=Investvine.com |url=http://investvine.com/thai-tycoons-go-for-it/ |access-date=2013-03-15 |archive-date=2013-02-12 |archive-url=https://web.archive.org/web/20130212084623/http://investvine.com/thai-tycoons-go-for-it/ |url-status=dead }}
In January 2014, through a distribution in specie and re-listing of Frasers Centrepoint Limited by way of introduction on the Singapore stock exchange, the group de-merged its properties business.
In February 2018, Frasers Centrepoint Limited was renamed Frasers Property globally.{{Cite news |last=Nikkei Asian Review |date=1 February 2018 |title=Frasers Centrepoint Renamed Frasers Property |work=Asia business |publisher=Nikkei NewsRise Asia Pte Ltd |url=https://asia.nikkei.com/Markets/Nikkei-Markets/Singapore-s-Frasers-Centrepoint-Limited-Renamed-Frasers-Property |access-date=1 February 2018}}
Products
References
=Notes=
{{Reflist}}
=Bibliography=
- {{Cite book |title=Singapore: The Encyclopedia |title-link=Singapore: The Encyclopedia |publisher=Singapore: Editions Didier Millet |year=2006 |isbn=978-981-4155-63-2 |editor-last=Tommy Koh |editor-link=Tommy Koh |page=205}}