Wednesday, November 19, 2008

Daily news - 18 Nov

F&N plans further F&B growth in region
Fraser and Neave – Plans are afoot for further regional growth of the food and beverage (F&B) business of Fraser and Neave (F&N), and the product set to win over more palates could just be the household isotonic drink 100Plus. 'I'm trying to do for the F&B business what I did for Asia Pacific Breweries (APB),' said the new divisional chief, Koh Poh Tiong. He was speaking to BT after F&N's results briefing last Friday, where the conglomerate announced a 15 per cent year-on-year increase in full-year net profit to $435.8 million. Mr Koh joined F&N on Oct 1 to head the F&B portfolio after the group ended its search for a CEO in June. Before this, Mr Koh headed F&N's unit APB for 15 years, and was largely known for putting the company on a tough but eventually rewarding regionalisation drive. The F&B business is the second-largest profit contributor in F&N today, accounting for $290.9 million or 37 per cent of group profit before interest and taxation (PBIT). The property business continues to lead profit generation with a PBIT of $456.9 million, adding another 59 per cent.

SPH completes takeover of financial portal
Singapore Press Holdings (SPH) has completed the acquisition of financial portal to broaden its online media play. SPH, which publishes The Business Times among other publications, will pay up to $18 million for An amount of $12 million is payable to the portal's owners upon completion of the transaction. The remainder will be paid in two equal instalments in 2009 and 2010 if meets its financial targets. Local magazine publisher Lexicon Group owned 27.7 per cent of The other owners were individuals, including company founder and chairman Michael Leong, CEO Christopher Lee and IT director Lim Dau Hee. 'SPH will retain the entire management and staff of,' SPH said yesterday, adding that the portal would continue to operate independently. Mr Leong has been appointed a consultant and director to the company. Mr Lee and Mr Lim will retain their current positions.

Source: Kim Eng

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