Fraser and Neave issues clarification letter to BT

Business Times published an article about F&N’s announcement on 13 July that it is ending its deal with Boncafe International.

In a formal letter released on 14 July, Fraser and Neave wishes to clarify the article on Business Times headlined "F&N Unit Owns 100% of F&N Boncafe" which said, "After the purchase, F&N Dairy will own 100 percent of F&N Boncafe, which makes and sells ready‐to‐drink coffee beverages under the Boncafe Icafe brand."

Fraser and Neave clarified that following the termination of the joint venture agreement with Boncafe International Pte Ltd ("BCI"), the business of manufacturing, distributing and selling ready‐to‐drink coffee beverage under the Boncafe Icafe brand will be transferred from F&N Boncafe to BCI.

Business Times published the article on Thursday following Fraser and Neave’s announcement that its wholly-owned subsidiary, F&N Dairy Investments Pte Ltd (F&NDI) is terminating its joint venture with Boncafe International Pte Ltd (BCI), in relation to the company F&N Boncafe Beverages Pte Ltd (“JV Co”) which is 60% owned by F&NDI and 40% owned by BCI.

In the announcement, it was stated F&NDI will transfer the JV Business to BCI, while BCI will transfer its 40% interest in the JV Co to F&NDI for approximately S$240,000 equivalent to 40% of the net book value of the JV Co.

F&NDI’s termination of the agreement with BCI is to better streamline the Company’s food and beverage business, according to the announcement.

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