Singapore - Temasek Holdings (Private) Limited (“Temasek”) today announced that it will be investing approximately S$900 million in Fraser & Neave Limited (“F&N”) through its wholly-owned subsidiary Seletar Investments Pte Ltd¹. The investment would represent approximately 15 per cent of the total shares outstanding of F&N on a fully-diluted basis. This investment marks Temasek’s most substantial investment in the food and beverage space in recent years.

Mr. Simon Israel, Executive Director of Temasek said: “We are delighted and privileged to have this opportunity to invest in one of Singapore’s best-known companies. F&N has a rich heritage - the group’s brands and products are part of every Singaporean’s life. We are making this long-term investment as part of our interest to serve the growing
middle class in the region.

“F&N has established itself in a significant number of key markets in the region. It is well-positioned to capitalise on the emerging middle class and growing consumption in Asia. In particular, its strengths in its brewery, food and beverage businesses fit well with our investment theme,” added Mr. Israel.

Ms. Yap Chwee Mein, Managing Director of Investment at Temasek added: “We would like to support the company and its management in their strategic vision to maintain and grow its position as an outstanding company. We believe that brands in the F&N Group such as Tiger beer and F&N soft drinks have the potential to grow beyond the region and become truly global brands.”

¹ This transaction is subject to the relevant regulatory approvals which may be required in certain jurisdictions.

About Temasek Holdings
Incorporated in 1974, Temasek Holdings is an Asia investment firm headquartered in Singapore. Supported by affiliates and offices around Asia, it manages a diversified S$129 billion (US$80 billion) portfolio, concentrated principally in Singapore, Asia and the OECD economies.

The Temasek portfolio spans various industries including telecommunications & media, financial services, real estate, transportation & logistics, energy & resources, infrastructure, engineering & technology as well as bioscience & healthcare.

Temasek’s total shareholder return since inception in 1974 has been 18% compounded annually. It has a corporate credit rating of AAA/Aaa by rating agencies Standard & Poor's and Moody's respectively. For further information on Temasek, please visit: www.temasekholdings.com.sg

For media queries, please contact:
Lim Siow Joo
Associate Director, Corporate Affairs
Tel: (65) 6828 6503
Mobile: (65) 9847 0817
E-mail: siowjoo@temasek.com.sg