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The Board of Directors of Food Empire Holdings Limited (the "Company") wishes to announce that FES Industries Pte Ltd, a company in which its wholly-owned subsidiary, Future Enterprises Pte Ltd, has a 88% equity stake has incorporated a wholly-owned subsidiary, details of which are as follows:
| Name of Company: | FES (Vietnam) Co., Ltd. |
| Country of incorporation and operation: | Vietnam |
| Issued and paid-up capital: | US$350,000 |
| Principal activities: | Manufacturing, marketing and distributing instant pre-mixed coffee. |
The consideration will be paid in cash and funded through internal resources. The transaction is not expected to have any material impact on consolidated net tangible assets and earnings per share of the Company for the current financial year.
None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the above investment.
This is a non-discloseable transaction under Chapter 10 of the Singapore Exchange Securities Trading Limited Listing Manual.
By order of the Board
Tan San-Ju
Company Secretary