Asia Pacific Breweries Limited (APBL)

• Secured additional 10% ordinary shares
• Aligned with APB's focus on business regions where it has clear advantages over its peers

Following its recent acquisition of a 65.1% stake in PT Multi Bintang Indonesia, Tbk (MBI) in February this year, Asia Pacific Breweries Ltd (APB) today announces that it has acquired an additional 2,107,000 ordinary MBI shares (representing 10.0% of MBI shares) from the public shareholders via a Mandatory Tender Offer (MTO) for a total consideration of Rp340.8 billion (approximately S$52.7 million). The tender offer price per share was Rp161,741.

Earlier this week, APB announced that it has also acquired a further 444,000 depository receipts of MBI shares issued by Hollandsch Adminstratiekantoor B.V. (representing an economic interest of 2.1% in MBI) through a Private Offer of the remaining depositary receipts held by investors other than Heineken International B.V. for a total consideration of Euro5.6 million (approximately S$10.5 million). This follows its initial acquisition of 723,120 depository receipts of MBI shares issued by Hollandsch Adminstratiekantoor B.V. (representing an economic interest of 3.4% in MBI) in February this year. The price paid per depository receipt is Euro12.55, which is equivalent to the tender offer price of Rp161,741 per MBI share.

In all, APB holds 15,823,570 ordinary shares in MBI (representing a controlling stake of 75.1% of MBI shares) and 1,167,120 depository receipts (representing an economic interest of 5.5% in MBI). This means that the Company now holds an effective interest of approximately 80.6% in MBI.

APB paid a total of approximately S$63.2 million for the additional 10.0% ordinary MBI shares and depository receipts representing 2.1% of MBI shares. This brings the Group's total investment in MBI to approximately S$418 million.

The closing of the Tender Offer in Indonesia marks the completion of the acquisition of MBI. This was part of a transaction between APB and Heineken International B.V. (Heineken) that included an 87.3% interest in Grande Brasserie de Nouvelle Caledonie S.A. (GBNC) for a consideration of approximately S$114 million.

Mr Roland Pirmez, Chief Executive Officer, APB said, "The acquisition allows APB to establish a significant presence in two new markets ie Indonesia and New Caledonia. This further extends our footprint in the Asia Pacific region and fortifies our reputation as the brewery group with the most expansive operations in this region that stretches from Mongolia to New Zealand and from Sri Lanka to New Caledonia."

"Now that we have completed the full acquisition process, we shall look into achieving synergies in operations and driving further growth for APB. Both MBI and GBNC have shown consistently healthy profits and will be immediately accretive to APB's earnings, thereby increasing shareholder value," he added.

MBI, listed on the Indonesia Stock Exchange, operates two breweries on the island of Java, near Jakarta and Surabaya. Together, they have a combined annual production capacity of 1.6 million hectolitres. A leading brewer in Indonesia, MBI is synonymous with the country's iconic Bintang beer brand. In adding Bintang to its already prized brand portfolio comprising Tiger and Heineken; and participating in the Indonesia beer market via MBI, APB has further consolidated its leading position in ASEAN.

Like MBI, GBNC too is a leading brewer that serves New Caledonia's most-loved Number One beer brand. It operates a brewery in the capital of Noumea with an annual production capacity of 200,000 hectolitres. Through GBNC, APB has secured yet another growth avenue, this time in New Caledonia, and seeks further expansion in the South Pacific where it is also entrenched in Papua New Guinea.

Standing as a brewer with one of the widest footprints in the Asia Pacific region, the APB Group is supported by 36 brewery operations in 13 countries. Its brewery operations are found in Singapore, Malaysia, Cambodia, China, Thailand, New Zealand, Laos, Vietnam, Papua New Guinea, Sri Lanka, Mongolia, Indonesia and New Caledonia.

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