News

Food Empire Holdings Receives In-principal Approval To List On SGX

SINGAPORE - 5 April 2000 - Food Empire Holdings Pte Ltd (FEH), a leading food and beverage (F&B) enterprise, has received in-principle approval from the Singapore Exchange for a listing of its shares on SGX-Main Board. UOB Asia Limited is the manager and United Overseas Bank Limited is the underwriter and placement agent for FEH's initial public offering of shares.

FEH's principal business is manufacturing and marketing instant beverage products. Its core product is coffee-based ready-mixed instant beverages packed in sachets (black coffee, coffee with creamer and cappuccino). More than 40 products, including instant chocolate, cereals, tea-based products and coffee bags, are marketed under the Group's various brands including Klassno, MacCoffee, Temasek Royal, Express and Fesbrew.

FEH counts Russia, Eastern Europe, Central Asia and Indochina as its key markets and has a wide distribution network of more than 30 importers and distributors.

FEH's continued growth attests to the keen business acumen and adaptability of its management team. When the Russian rouble was devalued against the US dollar in August 1998, the management managed the crisis well and remained profitable during the crisis years.

Market Potential in Russia

FEH is believed to be one of the first few enterprises to venture into Russia with its concept of instant beverage.

In the first half of 1999, the Gallup Media Romir Research found FEH's MacCoffee to be one of the leading brand names in instant coffee market in Russia, as consistently reported in survey findings for 1997 and 1998.

Growth - A Global Perspective

Supported by its manufacturing facilities located in Singapore, Johor Bahru and Penang, FEH's global marketing and distribution network includes representative offices in Moscow, Kiev, Budapest, Almaty and Sofia; and liaison arrangements in Yangon, Ho Chi Minh City, Istanbul and Minnesota covering markets in Myanmar, Vietnam, the Middle East and America.

In 1999, FEH identified more developed markets such as Western Europe, the United States and Singapore as other areas for growth. It recently launched its Klassno Cappuccino brand in Singapore where the products are available in all leading supermarkets and neighborhood stores.