General Announcement::DISPUTE RELATING TO MYANMAR BREWERY LIMITED ("MBL")

Issuer & Securities

Issuer/ Manager
FRASER AND NEAVE LIMITED.
Securities
FRASER AND NEAVE, LIMITED - SG1T58930911 - F99
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
31-Oct-2014 18:15:58
Status
New
Announcement Sub Title
DISPUTE RELATING TO MYANMAR BREWERY LIMITED ("MBL")
Announcement Reference
SG141031OTHRSSPQ
Submitted By (Co./ Ind. Name)
Anthony Cheong Fook Seng
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)

Fraser and Neave, Limited ("F&N" or the "Company") refers to its announcements dated 29 August 2013 and 10 September 2013 regarding Myanma Economic Holdings Limited's ("MEHL") intention to commence arbitration proceedings and subsequently, the receipt of notice of arbitration from MEHL, in relation to the Company's shares in MBL. MEHL had sought to compel the Company to sell its 55% stake in MBL to MEHL at US$246 million (approximately S$313 million), under the terms of the joint venture agreement between the parties.

The Company wishes to update shareholders that it has today received the decision on its arbitration with MEHL.

The arbitral tribunal has ruled that MEHL's valuation of US$246 million does not represent a fair value of the Company's stake in MBL and that the sale should take place at a price to be determined by an independent valuer to be appointed by both parties, failing which by a valuer named by the arbitral tribunal.

The Company is currently reviewing its options, and will make further announcements as soon as possible to update shareholders.

As a fresh valuation of the Company's stake in MBL is to be obtained, the Company will update shareholders in due course as to the financial impact.

Attached is a media statement released by the Company in relation to the arbitral tribunal's ruling.

In the meantime, shareholders of the Company are advised to exercise caution when dealing with the shares of the Company.


Anthony Cheong Fook Seng
Group Company Secretary

31 October 2014

Attachments

MBL_Arbitration.pdf
Total size =250K