FRASER AND NEAVE, LIMITED (Incorporated in the Republic of Singapore) Company Registration No: 189800001R
DISPUTE RELATING TO THE SALE OF FRASER AND NEAVE, LIMITED'S 55 PER CENT. STAKE IN MYANMAR BREWERY LIMITED
1. Fraser and Neave, Limited ("F&N or the "Company") refers to its announcement dated 31 July
2015 (the "31 July 2015 Announcement") relating to the filing by Myanma Economic Holdings Ltd ("MEHL") of (a) an Originating Summons in the Singapore High Court for leave to enter judgment against the Company to, among other things, require the Company to take all steps necessary to ensure the completion of and to complete the transfer of the Company's MBL Stake to MEHL or its nominee by 20 August 2015 upon payment of MMK 500 billion by MEHL or its nominee (the "Originating Summons"); and (b) an application in the Singapore High Court for an interim injunction requiring the Company to take all steps necessary to transfer the Company's MBL Stake to MEHL or its nominee within 30 days of 22 July 2015 upon MEHL or its nominee paying the sum of MMK 500 billion or the equivalent value in US dollars as at the day before completion and based on the official exchange rate as set by Bloomberg, such currency to be at the option of the Company, on terms set out in their application (the "Application for Interim Injunction").
2. Capitalised terms used in this announcement shall bear the same meaning as defined in the
31 July 2015 Announcement unless otherwise defined herein.
3. The Company wishes to update shareholders that on 31 July 2015, the Singapore High Court heard the Application for Interim Injunction and dismissed it with costs to the Company.
4. The Company will make further announcements in due course to update shareholders of any material developments. In the meantime, shareholders of the Company are advised to exercise caution when dealing with the shares of the Company.
BY ORDER OF THE BOARD
Group Company Secretary
3 August 2015
|
distributed by
|
