1.

0 ACKNOWLEDGEMENT

We have taken a lot of efforts for this assignment to be successfully finished within the

specified timeframe. Furthermore, the completion of this assignment could not have been

possible to be done without the participation and assistance of so many people whose names

may not all be enumerated. Their contributions are sincerely appreciated and gratefully

acknowledged.

In addition, we are highly thankful to Dr. Kadzrina binti Abdul Kadir for her guidance and

constant supervision as well as for providing necessary information and moral support from

her regarding the assignment.

We immensely obliged to our friends for their elevating inspiration, encouraging guidance

and kind direction in the completion of our assignment.

We would like to express our gratitude towards our universities for the opportunity to learn

this significant subject that will surely help us in the future.

Our thanks and appreciation also to the people who are directly or indirectly helped us

through out in developing the assignment.

2.O INTRODUCTION

Fraser & Neave Holdings Bhd (F&NHB) is amongst the region’s oldest and most established

food and beverage companies with its brands enjoying the distinction of being a market

leader and household name in many categories. Since year 1883, the F&N group has been

existed in Malaysia with selling core businesses in beverages especially soft drinks and dairy

product. For F&N to understand correctly the nature of the competition it faces, F&N defines

its market accurately. The major competitor must be Coca-cola, as the World’s largest market

share owner in beverage industry which owned approximately 40% of share market in the

world. Its strengths are based on Coca- cola does successfully retain a plenty of its loyal

consumer groups. Besides, based on its strong marketing and advertising, Coca Cola is

always able to increase its beverages’ sales and improved its brand recognition. In the

meantime, Coca Cola was increasingly concentrating on Corporate Social Responsibility

(CSR) programs for years. For instance, water resources management, recycling, energy

savings, and etc. These have increasingly promoted the company’s social appearance and

result in competitive advantage over competitors. Although Coca cola is producing

carbonated beverage in which people always believe it does affect our body health, but it

turns their image into one of the most valued brand in the world. However, there are also

weaknesses of Coca Cola Company. Unlike most competitors, Coca Cola is still

concentrating on selling beverage only, this definitely will put the company into the

disadvantage side. The consumption of soft drinks from all around the world is declining and

Coca Cola Company will find it hard to penetrate to other markets, for instance, sales of

snack and food. For your information, Coca Cola sells more than 500 brands at a present but

only few of the brands can get the sales in more than $1 billion. Moreover, the company’s

chance of success of introducing new beverages is very weak. Plenty of its introduction result

in failures. In Malaysia, both companies tend to have high intensity of competition. High
level in terms of image, promotion, advertising, manufacturing and most importantly pricing

will play important roles in affect both companies’ competition tension. Currently, F&N has

a leading advantage in regards of extent of distribution manners and its brand name is

household name. After all, Malaysia is their home country and F&N is home grown. Besides,

F&N is the market leaders in beverages industry. Their expansion strategies do came out an

effect in domestic market such as new growing categories juices and tea. In addition, they

also built development of food and snacks related product which designated to take

advantage of Coca cola’s weakness.

3.0 CORPORATE PROFILE

3.1 Corporate History

Fraser & Neave Holdings Bhd (F&N) is a Malaysian company listed on Bursa

Malaysia’s Main Board with expertise and prominent standing in the food and beverage

business. F&N is amongst the region’s and Malaysia’s oldest companies and its brand enjoys

the rare distinction of being a market leader and household name in many categories. F&N

operates in Malaysia, Brunei, Thailand and Indochina, and is a subsidiary of Fraser and

Neave, Limited, a company listed on the Singapore Stock Exchange. A well loved brand in

Malaysia, today, F&N has spread its wings to more than 40 countries worldwide and

established itself as a regional player.

F&N has over 3,000 employees and is Malaysia's top 100 leading graduate

employers. From purveyors of carbonated soft drinks, the F&N Group is one of Malaysia’s

diversified blue chip companies with leadership of the nation’s beverages and dairy products.

The Group has grown from strength to strength with an annual turnover in access of RM4

billion from its core business in the manufacture, sale and marketing of soft drinks, dairies,

non-carbonated beverages as well as property.

The company (Singapore and Straits Aerated Water Company) was formed in 1883

by John Fraser and David Chalmers Neave, who diversified from their printing business

(Singapore and Straits Printing Office) to pioneer the aerated water business in Southeast

Asia in 1883. In 1898, a new public company was formed and the two businesses were sold

to the new company, named Fraser & Neave (F&N), from whom the instantly recognisable

initials ‘F&N’ are derived, F&N has evolved into an iconic household brand that is closely

integrated into the nation’s fabric for over a century. With a rich history spanning 133 years,

F&N enjoys a special place in the hearts of Malaysians, one that is trusted by generations
while fulfilling its promise of ‘Pure Enjoyment, Pure Goodness’ through its wide portfolio of

well-loved brands and products.

The founding of Singapore in the early years of the 19th century offered new

opportunities for adventure and fortune, and among the entrepreneurs attracted to the new

British colony were Scotsmen John Fraser and David Chalmers Neave. Fraser and Neave

founded their first business together, a printing works, in 1865. Yet both Fraser and Neave

rapidly began to explore other opportunities in Singapore and Malaysia--by the 1870s, Fraser

had earned himself the nickname "the Jolly Octopus" for his good nature and diversified

business interests, which included Fraser & Co. (later Fraser Securities Inc.), the earliest

Singapore stockbroker and one of the oldest and longest-lasting financial firms in the Far

East.

In the 1880s, Fraser and Neave identified a new, potentially profitable business area

in the tropically warm Singapore climate--fizzy water. In 1883, Fraser and Neave established

The Singapore and Straits Aerated Water Company. The original soft drink company started

out with just 20 employees. By the end of the century, Fraser and Neave's soft drink business

had grown strongly. The company went public in 1898, changing its name to Fraser & Neave

Ltd. In that year, Fraser & Neave moved to a new, larger facility in Singapore, which then

housed both the company's aerated water and printing operations. The company expanded

rapidly in the years leading up to World War I, and by 1914 had opened branch offices and

production facilities in Kuala Lumpur, Malacca, Seremban, Ipoh, Penang, Bangkok, and

Saigon. Fraser & Neave also opened a number of foreign sales agencies, including offices in

Port Darwin and Western Australia.

 Already a leading soft drink maker in the Asian Pacific, Fraser & Neave turned

toward a new market at the beginning of the 1930s. In 1931, the company formed Malayan

Breweries Ltd. in a joint venture with The Netherlands' Heineken. The new company opened

its brewery the following year, and soon after launched the Tiger Beer brand, which grew

into one of the leading beer brands in the Asian Pacific region. The acquisition of a second

brewery, Archipelago Brewing Company, in 1941 gave the joint venture a second major

brand.

By then, Fraser & Neave had raised its soft drink business to a new level as well. In

1936, the company acquired the Coca-Cola bottling franchise for the Singapore and

Malaysian markets. The company became responsible for introducing the new carbonated

beverage concept into these countries and grew into one of the largest Coca-Cola bottlers in

the region. In 1948, Fraser & Neave transferred its Coca-Cola franchise to a newly

established subsidiary, Lion Ltd., which went on to develop new carbonated drink brands.

Fraser & Neave continued building up its beverages businesses. In 1955, its Malayan

Breweries joint venture acquired South Pacific Brewery of Papua New Guinea, which gave

the company a new premium beer label, SP Lager. In 1959 Fraser & Neave was granted the

franchise for another growing soft drink brand, Seven Up. Meanwhile, the company's thirst

had been whetted for other beverage areas, and in 1959 the company began construction of a

plant in Petaling Jaya, Malaysia, for production of sweetened condensed milk. That operation

got underway in 1961, in a joint venture with Beatrice Foods. After Carnation Milk joined the

joint venture in 1966, its name was changed to Premier Milk. Production then expanded to

include evaporated milk. In 1986, Premier Milk began production in Singapore as well.

Premier Milk, which manufactured its own cans, had introduced Fraser & Neave to the

packaging industry. In 1967, the company decided to go further in that sector, establishing a
new subsidiary, Fraser & Neave Containers, which began manufacturing PVC and

polyethylene containers.

During the 1970s, the company continued building up its growing business interests.

In 1971, Fraser & Neave secured the franchise for the Fanta soft drink brand and introduced a

new brand, Zappel. The company's dairy products group expanded to include ultra high-

temperature long-life milk, under the Daisy brand. The following year, the company extended

its packaging wing with a stake in the Malaya Glass Factory in Berhad, Malaysia. By the

early 1990s, Fraser & Neave's stake in Malaya Glass had reached 36 percent. In 1974, the

joint venture with Beatrice Foods deepened with the launch of the Meadow Gold Label brand

of ice cream. In 1979, the company acquired a stake in the Singapore branch of Metalbox,

filling out its packaging operations with the start of metal container production.

Packaging remained a relatively minor part of Fraser & Neave's operations, however.

Instead, the company relied heavily on its soft drink and brewery businesses, which in turn

were focused especially on the Singapore and Malaysian markets. Yet the drafting of

Malaysia's National Development Policy, which sought to restrict foreign ownership of the

country's market, placed Fraser & Neave's long-term prospects in jeopardy. Faced with

divesting major portions of its operations, the company decided to seek out a new "growth

engine."

In 1985, the company moved from its previous soft drink and brewery sites, which by

then had become prime real estate locations. Fraser & Neave then began developing these

sites into two condominium projects with a total of 1,500 apartments. At the same time, the

company constructed new, more modern production facilities--the new brewery gave the

company an annual production capacity of one million hectoliters per year.

 In 1990, Fraser & Neave boosted its dairy business, by then operated as F&N Foods

Ltd., with the acquisition of Cold Storage Dairies. The purchase made Fraser & Neave the

largest dairy producer in Singapore. More important, the acquisition of Cold Storage gave

Fraser & Neave control of Centrepoint Properties Ltd., an important developer and operator

of shopping centers and residential properties set up in 1987. Property development now

became one of the company's core growth areas.

In 1992, Fraser & Neave attempted to take its soft drink business to the next level,

forming the joint venture F&N Coca-Cola with the intent of expanding throughout the Asian

Pacific region. Fraser & Neave's share of the joint venture was 75 percent. Meanwhile, the

company's real estate projects were well underway, and in 1994 the company inaugurated its

first two company-developed projects, the Valley Park and Anchorage condominiums.

In 1994, Fraser & Neave announced its intention to spend some S$1.2 billion on new

developments through the end of the decade; in particular, the company eyed other markets,

such as Vietnam and Malaysia. For its regional real estate expansion, the company planned to

repeat its Singapore success--that of relocating its plants to lower-value properties and

redeveloping the high-value sites. In 1995, the company's Malaysian project commenced as

F&N Coke began construction on a new, $60 million bottling plant in Shah Alam. Production

at that plant began in 1997.

Meanwhile, Malaysia's National Development Policy at last forced Fraser & Neave to

restructure its Malaysian holdings. In 1995, the company agreed to sell its Malaysia

operations to Malaya Glass in a deal worth M$965 million. As part of the agreement,

however, Fraser & Neave's own stake in Malaya Glass rose to 90 percent initially, before

sinking back to 51 percent by 1998.

 With the onset of the Asian economic crisis, Fraser & Neave was once again faced

with difficult decisions. Particularly hard hit by the recession was the company's soft drink

operations. In 1999, the company decided to end its association with Coca-Cola, selling its 75

percent stake in F&N Coca-Cola to the Coca-Cola Co. Instead, the company began looking

about for a new area of operations. At the end of 1999, the company announced a new

strategy group around the three areas of food and beverages, properties, and new ventures.

By 2000, the company had found one of those new ventures. In that year, Fraser &

Neave acquired a stake in Singapore's Times Publishing Group, a major newspaper,

magazine, and textbook publisher, which also operated bookstores in a number of countries

in the region. By 2001, the company had gained 100 percent control of Times Publishing.

The company also gained 100 percent control of Centrepoint that year.

By the end of 2002, Fraser & Neave's revenues, which had stagnated in the late

1990s, were once again rising strongly, nearing S$3.5 billion for the year. Much of that

growth came from the company's properties division, which produced some S$1 billion in

revenues. The company then began to target China for future growth--Fraser & Neave had

already entered that country in late 2002 with the opening of a glass plant through its Malaya

Glass holding. After 120 years in business, Singapore's soft drink company showed that it

still had plenty of fizz left in its bottle.

3.2 Corporate Mission

1. To be a world-class multinational enterprise providing superior returns to our shareholders,

excellent value for our customers and a rewarding career for our employees.

2. To provide superior returns to our shareholders, excellent value for our customers and a

rewarding career for our employees.

3. To be ASEAN's leading owner and provider of quality and innovative products that

consumers choose and trust. To support our mission, we are guided firmly by our

commitment to great value, the community, diversity and the environment.

3.3 Corporate Vision

1. To become the leading total beverage company in Malaysia and the region.

2. To be a world-class multinational enterprise with an Asian base, providing superior returns

with a focus on the Food & Beverage, Properties and Publishing & Printing businesses.

3. To be a stable and sustainable F&B leader in the ASEAN region.

4.4 Corporate Logo

3.6 Corporate Philosophy and Culture

Fraser and Neave Holdings Bhd business philosophy in manufacturing our comprehensive

range of food and beverage is to maintain the highest quality at all time. This has ensured the

company are committed to delivering value through innovation, human capital development

and social collaboration as well as managing our impacts and conducting business in a

responsible manner.

Corporate principles and values

1) Driving Economic Value

 Through economic performance, F&N are committed to creating direct economic

value for our shareholders through the generation of profits, which will also

benefit our employees through a fair remuneration package.

 Through innovation, F&N ensured in invest in product and process innovation to

increase our product range and improve efficiency and productivity. Innovation is

critical not only for long-term business success but also in response to growing

concerns on health, social and environmental issues.

2) Eco-Efficiency

 Through water stewardship, F&N are seek to use water efficiently across the value

chain and employ water resources risk management to ensure sufficient water for

our production purposes.

 Through effluents and waste, F&N are comply with international and national

standards in effluents and waste management. These include actions to minimise

waste in the production process and post consumption.

 Through energy and climate change, F&N ensured to curb our contribution to

climate change by managing our GHG emissions from our production processes
 and transport. This includes creating greater energy efficiencies in our operations

and minimising carbon footprint as much as possible.

3) Enhancing Social Well-Being

 Creating value for society: F&N are strive to create a positive impact on local

communities through social development projects.

 Health and nutrition: F&N are to promote healthy lifestyles and the consumption

of nutritious products, in line with consumer needs.

3.6 Board of Directors Fraser and Neave Holdings Bhd

Mr. Syed Badarudin Jamalullail Ibni Almarhum Tuanku Syed Putra Jamalullail, 73,

Malaysian, has been the Non Executive Chairman of Fraser & Neave Holdings Bhd since

February 27, 2001. Mr. Ibni Almarhum Tuanku Syed Putra Jamalullail serves as the

Chairman and Independent & Non-Executive Director of Pengerusi Lembaga Pengarah and

Pengarah bebas dan bukan eksekutif. He serves as Chairman at Pusat Dialisis Centre Tuanku

Syed Putra – NKF. He serves as Director at Berkat Restu Sdn Bhd, Besar Holdings Sdn Bhd,

HDM Capital Sdn Bhd, Mega SPJ Sdn Bhd, Tuanku Syed Putra Foundation and Vacaron
Company Sdn Bhd. He has been a Non-Executive & Independent Director of Fraser and

Neave Limited since January 8, 2014 and its Lead Independent Director since May 7, 2015.

He serves as a Director of Hwang-DBS Securities Berhad, AVIVA Insurance Berhad, CGU

Insurance Berhad and AVIVA Insurance Berhad. He has been a Non-Executive Director of

Fraser & Neave Holdings Bhd since February 24, 1987. He served as an Independent Non-

Executive Director at Hwang Capital (Malaysia) Berhad since February 28, 2003 until

January 2018. He also serves as a Board Member of Yayasan Tuanku Syed Putra. He served

as an Independent Non-Executive Director of Hwang Investment Management Berhad. He

serves as a Director at HwangDBS Investment Bank Berhad and Asian Islamic Investment

Management Sdn Bhd. Mr. Ibni Almarhum Tuanku Syed Putra Jamalullail graduated from

the University of Cambridge with a Master of Arts in Law and History in 1968 and Bachelor

of Arts degree in Law and History.

Mr. Lee Meng Tat, 55, Singaporean, is a Non-Independent Non-Executive Director and

Chairman of Group Executive Committee of Fraser & Neave Holdings Bhd. He was selected

as a Board members on October, 2015. Mr. Lee Meng Tat holds a bachelor’s degree in

Bachelor of Engineering (Mechanical), National University of Singapore and a master’s in

Master of Business Administration, Imperial College, London. Presently, Meng Tat Lee
occupies the position of Chief Executive Officer for Heineken-APB China Pte Ltd. He is also

on the board of Fraser & Neave Holdings Bhd. and Vietnam Dairy Products Corp. and Chief

Executive Officer-Non-Alcoholic Beverages at Fraser & Neave Ltd. He previously held the

position of Chief Executive Officer of Wildlife Reserves Singapore Pte Ltd.

Mr. David Siew Kah Toong, 64, Malaysian, is a Independent Non-Executive Director and

Chairman of Audit Committee of Fraser & Neave Holdings Bhd. Mr. Siew is a member of

the Malaysian Institute of Accountants (MIA), the Malaysian Institute of CertifiedPublic

Accountants (MICPA) and CPA Australia. He is also a member of the Practice Review

Committee of the MIA and the Public Practice, Technical and Financial Statement Review

Committees of MICPA. He had served as a Board member of the Financial Reporting

Foundation for 2 term sand was a member of the Developing Nations Committee of the

International Federation of Accountants (IFAC) for a term.

Mr. Lee Kong Yip, 74, Malaysian, is a Non-Independent Non-Executive Director and

Chairman of the Sustainability & Risk of Fraser & Neave Holdings Bhd. He was selected as a

Board members since since May 10, 2000. Mr. Lee Kong Yip holds a bachelor’s degree in

Bachelor in Economics (Hons) degree majoring in statistics, University of Malaya and a

master’s in Executive Programme, Graduate School of Business Administration, University

of California Berkeley, USA.

From 1969 to 1994, Mr. Lee held various executive positions in Oversea-Chinese Banking

Corporation Limited and its finance subsidiary, Oversea-Chinese Finance Company Berhad.

In 1995, he was appointed as the Executive Vice-President and director of OCBC Bank

(Malaysia) Berhad, a post he held until his retirement in April 2000. He was a director of

Overseas Assurance Corporation (Malaysia) Berhad, Overseas Assurance Corporation

(Holdings) Berhad, Great Eastern Life Assurance (Malaysia) Berhad, Great Eastern Capital

(Malaysia) Sdn Bhd and The Great Eastern General Insurance Company Sdn Bhd before his

retirement in the first half of 2016. On 1 July 2016, he was appointed as an Independent Non-

Executive Director of Great Eastern Takaful Berhad.

Dato' Johan Tazrin Bin Hamid Ngo, 46, Malaysian, is a Independent Non-Executive Director

and Chairman of the Nomination Committee of Fraser & Neave Holdings Bhd. He has been

an Independent and Non-Executive Director of Fraser & Neave Holdings Bhd since January

23, 2013. He served as Senior Fund Manager of KAM. Mr. bin Hamid Ngo joined Kenanga

Group of Asset Management Companies in March 1997 and has 11 years of investment

management experience. He served with Coutts & Co (London), United Kingdom (Coutts

Private Asset Management) from 1993 to early 1997 as a Pacific Basin Analyst/Fund

Manager for the Asian markets and Japan. He served as Executive Director of KIM since

November 12, 1998. He served as Executive Director of KAM. He is an Associate Member

of the Society of Investment Professionals (ASIP) of the United Kingdom and member of the

Association of Investment Management & Research (AIMR), USA. Mr. bin Hamid Ngo has

a Bachelor of Arts with Honours in Business Economics from Reading University, United

Kingdom.
Dato' Jorgen Bornhoft, 76, Danish, serves as Non-Independent Non-Executive Director of

Fraser & Neave Holdings Bhd since May 7, 2013. He holds a degree in Accountancy and

Finance (Bachelor of Commerce) from Copenhagen Business School. Dato' Bornhoft joined

Carlsberg Brewery Malaysia Berhad ("Carlsberg Malaysia") in 1991 as its Chief Executive

Officer and assumed the position of Managing Director from 1995 to 2002, after which he

was the Chairman from 2002 to 2005. Dato' Bornhoft re-joined the Board of Carlsberg

Malaysia as a Non-Executive Director from 2006 to 2007. He also assumed the position as

the Chief Executive Officer of Carlsberg Asia Pte Ltd in Singapore from January 2003 to

June 2004. Prior to joining Carlsberg Malaysia, he was the Vice-President of Carlsberg

International A/S, Denmark responsible for foreign subsidiaries and new projects. Dato'

Bornhoft was also the President of the Malaysian International Chamber of Commerce and

Industry from 1996 to 1999. Dato' Bornhoft was appointed as an Independent Non-Executive

Director of Hap Seng Consolidated Berhad on 24 January 2005 and later became its

Chairman on 1 February 2007. He also sits on the Board of Hap Seng Plantations Holdings

Berhad as an Independent Non-Executive Director. He is the Vice-Chairman of International

Beverage Holdings Limited. Dato' Bornhoft was appointed to the Board on 7 May 2013. He

does not have any family relationship with any director and/or major shareholder of the
Company, nor any personal interest in any business arrangement involving the Company

except that he is a nominee director of Fraser and Neave, Limited, a major shareholder of the

Company.

Mr. Hui Choon Kit, 54, Singaporean, is a Non-Independent Non-Executive Director and

Member of the Sustainability & Risk Management Committee, Group Executive Committee

and Audit Committee of Fraser & Neave Holdings Bhd. Mr. Choon Kit Hui serves as the

Chief Financial Officer of Fraser and Neave Ltd since October 1, 2012 and its Company

Secretary since October 1, 2017. Mr. Hui served as the Group Financial Controller at Fraser

and Neave, Limited since August 1, 2009 and was responsible for the finance function of the

F&N Group, including financial reporting, treasury, taxation and information technology and

corporate communications and investor relations. Mr. Hui served as Deputy Group Financial

Controller from 2008 to 2009, General Manager of Treasury and Budget/Investor Relations

from 2005 to 2008, General Manager of Special Projects & Corporate Communications,

Deputy General Manager of Business Development/Budget and Manager of Executive

Chairman's Office for F&N from 2002 to 2005. He joined the F&N Group in February 2000

as Senior Manager of Business Development and has held a number of other positions. Prior

to joining F&N, Mr. Hui worked as a Corporate Finance Banker based in Singapore and
Thailand, covering the Asia-Pacific region. He served as Manager of Corporate Finance at

Schroder International Merchant Bankers Limited from 1997 to December 1999. From 1994

to 1996, he was an Assistant Vice President of the Investment Banking department of Keppel

Bank of Singapore Limited (now known as OCBC Bank). From 1989 to 1993, he was an

Audit Senior with Ernst & Young LLP and an Executive Consultant with Ernst & Young

Consultants Pte Ltd. He commenced his career as an Accountant and Management

Consultant with Ernst & Young. He has been a Non-Independent and Non-Executive

Director of Fraser & Neave Holdings Bhd since June 8, 2014. Mr. Hui has been an

Independent Non-Executive Director of Sewko Holdings Limited since September 23, 2013.

He serves as a Director of Able Win Gain Limited; Asia Pacific Breweries (Aurangabad)

Limited; Asia Pacific Breweries (India) Pte Ltd; Asia Pacific Breweries-Pearl Private

Limited; Asia Pacific Brewery (Lanka) Ltd; F&N Foods Pte Ltd; F&N Interflavine Pte Ltd;

F&N Investments Pte Ltd; F&N Services (L) Bhd; F&N Treasury Pte Ltd; Fannet Online Pte

Ltd; Fannet Online Sdn Bhd; Fraser & Neave Investments (Hong Kong) Ltd; International

Theme Parks (Singapore) Pte Ltd; Lao Asia Pacific Breweries Ltd; Phoenix (Singapore) Pte

Ltd; Premier Milk (Singapore) Pte Limited and Vision Century Limited.
Puan Aida binti Md Daud has been an Independent & Non-Executive Director of Fraser &

Neave Holdings Bhd since December 10, 2018 and served as its Non-Independent & Non-

Executive Director since January 24, 2018 until December 10, 2018. Puan Aida serves as

Senior Vice President of Human Capital Division at Permodalan Nasional Berhad. She has

over 30 years of experience in research, company and industry analysis as well as human

capital management and talent development including 22 years in management role. She

joined Permodalan Nasional Berhad in 1981 and held various positions. She began her career

as an analyst involved in company analysis and corporate finance. In 1984, she was attached

with a stockbroking firm in Melbourne, Australia where she also completed a certificate

course from the Financial Securities Institute of Australasia or FINSIA (formerly known as

Securities Institute, Australia). In 1998, after more than 15 years in investment, she moved to

human resource, focusing on training and development. In 2012, she also assumed the human

resource management role before being appointed to the Head of Human Capital Division in

2014. She joined FINSIA as an Affiliate Member in 1998 and became a Senior Associate

Member in 2005. She has been a certified member of Financial Planning Association of

Malaysia since 2003 and a member of its Board of Governors since 2007. She graduated from

the Institut Teknologi MARA with a Diploma in Public Administration in 1981. She also
holds a Bachelor of Science in Business Administration (Finance and Law) from Portland

State University, USA and then attained a Master in Business Administration from

Strathclyde University, Scotland.

Puan Faridah Binti Abdul Kadir has been Non-Executive Independent Director at Fraser &

Neave Holdings Bhd. since January 24, 2018. She holds Bachelor of Science in Economics

(Accounting and Finance), London School of Economics, University of London, United

Kingdom and Master in Business Administration, Cranfield School of Management, United

Kingdom. She began her executive career in 1983 at Permata Chartered Merchant Bank

where she served until 1988. After which she joined The Industrialization Fund for

Developing Countries, Denmark ("IFU") and was involved in all aspects of IFU's joint

venture projects in the ASEAN region including Maldives. She was promoted to the post of

Regional Representative of IFU in 1995. Subsequently in 1997, she was appointed as the

Advisor of IFU for their Malaysian projects only, a position which she held until 2007.

Throughout her career with IFU, Puan Faridah had served on the boards of IFU's various

project companies in various industries in the region on a non-executive capacity. She was

also on the Board of the Malaysian Danish Business Council, ISS Facility Services Sdn Bhd

and Danfoss Industries Sdn Bhd. Puan Faridah is currently an Independent Director of
Fibertex Personal Care Sdn. Bhd. She is involved in her family business and holds

directorship in Kay and Ef Sdn Bhd, Kay and Ef Trading Sdn Bhd and Fatimah Hashim

Holdings Sdn Bhd. As part of her effort to contribute to the society, Puan Faridah serves on

the Board of Trustees of Yayasan Kadir & Fatimah, a charitable foundation and as a Council

Member of the Society for the Severely Mentally Handicapped Selangor.

Datuk Mohd Anwar Bin Yahya has been Non-Executive Independent Director at Fraser &

Neave Holdings Bhd. since January 24, 2018. He holds Bachelor of Science (Honours) in

Economics & Accountancy, University of Hull, United Kingdom. He was a Partner of

PricewaterhouseCoopers ("PwC") from 1993 to 2015 and held various positions with PwC.

He started his career in the Management Consulting practice and then moved on to head the

Valuations, Corporate Finance and eventually Capital Projects and Infrastructure practice.

Prior to joining PwC, he was the CEO of Permodalan Kelantan Berhad, holding company of

SEDC Kelantan Group for 6 years from 1985 to1990. Before joining Permodalan Kelantan

Berhad, he was a Finance Manager of Lembaga Kemajuan Kelantan Selantan

("KESEDAR"), a regional development agency for 3 years. He is currently a board member

of Maybank Islamic Berhad, Felda Global Ventures Holdings Berhad, Usains Holding Sdn

Bhd and a partner in Maybridge Consulting PLT.

Datuk Kamaruddin Bin Taib serves as Non-Executive Independent Director of the Company.

Datuk Kamaruddin has significant experience in investment banking, corporate finance,

mergers and acquisitions. His career started in 1980 with a leading merchant bank in

Malaysia. Subsequently, he served as a Director of several private companies, companies

listed on Bursa Malaysia Securities Berhad ("Bursa") and companies listed on the Stock

Exchange of India as well as listed on Nasdaq (U.S.A.). Currently, Datuk Kamaruddin is the

Chairman of DNV GL Malaysia Sdn Bhd, part of the Global DNV GL Group, which is a

leading technical assurance company providing specialised services for the Oil and Gas

Industry. He has been with the DNV GL Group since 1995, and retired as its Executive

Chairman in June 2017. Datuk Kamaruddin is currently the Independent Non-Executive

Chairman of GHL Systems Berhad, Great Eastern Takaful Berhad and HSBC Amanah

Malaysia Berhad. In addition, he is also an Independent Non-Executive Director of Great

Eastern Life Assurance (Malaysia) Berhad, Great Eastern General Insurance (Malaysia)

Berhad, BFC Exchange Sdn Bhd and FIDE FORUM (Financial Institutions Directors

Education FORUM). He serves as a trustee for the Malaysian Oil & Gas Services Council.

Prior to being a trustee, he was an elected executive council member.

3.7 Senior Management Team of Fraser and Neave Holdings Bhd

Lim Yew Hoe

Chief Executive Officer

Lai Kah Shen

Chief Financial Officer

Suchit Riewcharoon

Managing Director, F&N Dairies (Thailand) Limited

Tan Hock Beng

Senior Director, Procurement and Special Projects

Soh Swee Hock

Managing Director, International Markets Development

Graham Lim

Director, Marketing
 Karen Tan

Head, Communications & Corporate Affairs

Lee Lay Yean

Senior Manager, Business Capability & Strategy

Bart Lim Siang Chin

Managing Director, Domestic Commercial Operations (Peninsular Malaysia)

David Hoong

Senior Director, Human Capital, Organisation and Technology Management

Timothy Ooi

Director, Group Legal Counsel & Company Secretarial / Company Secretary

Dr. Yap Peng Kang

Senior Director, Manufacturing / Corporate Research & Development

Lau Cheng Yew

Director, Property & Integrated Projects

Kelleigh Foo

Senior Manager, CEO Office & Risk Management

3.8 The Ten Largest Shareholders

Name Equities %

Fraser & Neave Ltd. 203,470,910 55.5%

Employees Provident Fund 41,693,430 11.4%

Permodalan Nasional Bhd. 18,776,400 5.12%

Public Mutual Bhd. 15,523,200 4.23%

Great Eastern Life Assurance Co. Ltd. 8,860,900 2.42%

Kumpulan Wang Persaraan 8,638,200 2.36%

BlackRock Fund Advisors 3,048,500 0.83%

The Vanguard Group, Inc. 2,988,575 0.81%

B. Jamalullail ibni Putra Jamalullail 2,062,000 0.56%

Affin Hwang Asset Management Bhd. 1,678,100 0.46%

3.9 Subsidiaries and Associated Companies

Table below is Fraser and Neave Holdings Bhd subsidiaries and associated companies in

various industries that they venture in Malaysia and in other country.

No. Fraser and Neave Holdings Bhd subsidiaries and associated companies name

1. F&N Dairies (Malaysia) Sdn Bhd.

2. Fraser & Neave (Malaya) Sdn Bhd

3. Nuvak Company Sdn Bhd

4. Premier Milk (Malaya) Sdn Bhd

5. Fraser & Neave (Malaysia) Sdn Bhd

6. F&N Beverages Marketing Sdn Bhd

7. Wimanis Sdn Bhd

8. F&N Dairies (Thailand) Limited

9. Utas Mutiara Sdn Bhd

10. F&N Marketing (B) Sdn Bhd

11. Arolys Singapore Pte Limited

12. Tropical League Sdn Bhd

13. F&N Dairies Distribution (Singapore) Pte Ltd

14. Lion Share Management Ltd.

15. Greenclipper Corporation Sdn Bhd

16. Aroyls Singapore Pte Ltd

17. F&N Properties Sdn. Bhd.

18. Lettricia Corporation Sdn Bhd

19. Kuala Lumpur Glass Manufacturers Company Sdn Bhd

20. F&N Capital Sdn Bhd

21. Elsinburg Holdings Sdn Bhd