:. Food Industry News


Heineken, Asia Pacific Breweries in Spat over China Job

Source: Reuters
30/11/2006

Singapore, Nov 28 - Tiger beer maker Asia Pacific Breweries said on Tuesday that its biggest shareholder, Dutch brewer Heineken, had taken legal steps against it and its holding firm Fraser & Neave over the appointment of a director in China.

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Heineken, the world's fourth-largest brewer by sales, owns 41.9 percent of Asia Pacific Breweries via direct and indirect shareholdings. Fraser & Neave, a conglomerate, owns 39.7 percent of the Singapore brewer.

Heineken and Fraser own the bulk of their shares indirectly through an investment vehicle named Asia Pacific Investment.

Asia Pacific Breweries said in a statement that Heineken had filed a summons in Singapore's High Court to obtain a declaration as to who is entitled to appoint a regional director for China for the company.

A spokeswoman for Asia Pacific Breweries said Heineken had no say in the appointment because the post was a staff position, not a management board role.

"Although they are shareholders, the don't really decide on the staff," the spokeswoman said.

Asia Pacific Breweries said that it did not expect a material financial impact from Heineken's move.



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