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Fraser and Neave, Limited (F&N) is a Singaporean food and beverage, publishing and printing industries conglomerate. It is owned by Charoen Sirivadhanabhakdi.

Key Information

Listed in Singapore, the group's subsidiaries include F&N Foods, F&N Creameries, Warbug Group, Yoke Food Industries and Times Publishing. As of 2023, F&N had total assets of over S$5 billion and employed over 7,200 people in 11 countries.[2]

In January 2014, through a distribution in specie and re-listing of Frasers Centrepoint Limited by way of introduction on the Singapore stock exchange, the group de-merged its properties business.[2]

History

[edit]

Founding and early history

[edit]
Caricature of John Fraser

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), for $290,000 in cash and shares.[3]

Diversification, restructuring, and expansion

[edit]

In 1931, Fraser & Neave formed a joint venture with Holland's Heineken to venture into the brewing business. The brewery, Malayan Breweries Limited produced Tiger Beer, and later acquired Archipelago Brewery, which produced Anchor Beer.[4]

In 1936, F&N acquired the Singapore, Malaya and Brunei franchise rights for Coca-Cola drinks. Alongside its own range of F&N branded drinks, the company went on to acquire the rights to other PepsiCo, Coca-Cola, and Cadbury Schweppes brands – such as – 7-Up, Fanta, and Sunkist.

In 1990, Malayan Breweries changed its name to Asia Pacific Breweries.

Modern history

[edit]
Logo of F&N Foods since 2007

In 1999, F&N purchased a 20% stake in Times Publishing before taking majority control of the company in 2000, with the entire acquisition costing around S$570 million.[5] This put F&N into the printing, publishing, retail bookstore, sales and distribution, education, internet and conference organisation businesses. In 2001, F&N took both Times and Centrepoint Properties private.

In 2006, the Singapore government investment company Temasek Holdings took a 14.9%, S$900 million stake in F&N, becoming F&N's second-largest investor.[6] In 2008, F&N reorganised its management structure and appointed chief executives for three of its core businesses: food & beverage; property; and printing and publishing.[7]

On 27 June 2007, F&N Singapore launched a new logo for its food and beverage business in order to reach the Asia-Pacific market.

In 2010, Temasek's entire stake was sold to Japan's Kirin Holdings for S$1.33 billion.[8]

On 1 September 2011, the three-quarter-century partnership between F&N and Coca-Cola in Malaysia, Singapore and Brunei ended. F&N no longer had the franchise rights to manufacture and market Coca-Cola beverages.

In July 2012, ThaiBev acquired a 22% stake in F&N from Oversea-Chinese Banking Corporation, raising its stake to 24.1%.[9]

In August 2012, F&N accepted an offer from Heineken to acquire its stake in Asia Pacific Breweries for US$4.1 billion.[10]

In September 2012, ThaiBev and its partner TCC Assets, both controlled by Thai Chinese billionaire Charoen Sirivadhanabhakdi, made a move to thwart efforts by Heineken to acquire control of Asia Pacific Breweries, with a S$8.8 billion (US$7.1 billion) cash offer for F&N.[11] Other companies, such as, Coca-Cola and Kirin Holdings, also showed interest for the soft-drink and food businesses of F&N, in order to expand their operations in Asia.[12][13]

On 28 September 2012, F&N shareholders approved the sale of Asia Pacific Breweries to Heineken during the extraordinary general meeting held.[14]

In 2013, Kirin Holdings sold its 15% stake in F&N to TCC (ThaiBev).[15]

Frasers Centrepoint Limited and Frasers Property (2013–present)

[edit]

Charoen Sirivadhanabhakdi expanded his ThaiBev drinks and property empire to include about two-thirds of this Singaporean conglomerate.[16] This was possible after Japan's Kirin Brewery Company sold its 15% stake for US$1.6 billion to Sirivadhanabhakdi.[17]

In January 2014, through a distribution in specie and re-listing of Frasers Centrepoint Limited by way of introduction on the Singapore stock exchange, the group de-merged its properties business.[2]

In February 2018, Frasers Centrepoint Limited was renamed Frasers Property globally.[18]

Products

[edit]
  • 100Plus
  • Borneo
  • Carnation (in Malaysia, Singapore, Brunei and Thailand, under license from Nestlé)
  • CocoLife
  • Daisy (a sweetened condensed creamer brand for Philippine distribution)
  • EST Cola
  • Farmhouse
  • Fruit Tree
  • Ice Mountain
  • Seasons
  • Magnolia
  • NutriSoy
  • NutriWell
  • Oishi
  • Ranger
  • Sarsi

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Fraser and Neave

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from Grokipedia
Fraser and Neave, Limited (F&N) is a Singapore-based multinational conglomerate and leading Southeast Asian consumer group, with core operations in the food and beverage, and and industries, employing over 7,300 people across 12 countries in the and regions as of 2024. Founded in 1883 by Scottish entrepreneurs John Fraser and David Neave in as a and , the company quickly diversified into the production of aerated waters, marking its entry into the beverage sector and establishing it as a pioneer in Southeast Asia's soft drinks industry. Over the decades, F&N expanded significantly: it launched its beer in through a with , producing from 1932, entered the dairy sector in 1959 through a with to produce sweetened , and ventured into development in 1990 while acquiring and assets in 2000. Notable strategic shifts include the of its iconic beer operations to in 2012 for S$5.6 billion, allowing focus on non-alcoholic beverages and other core areas, and the demerger of its properties into in 2014 to streamline operations. Today, F&N's food and beverage segment encompasses the , , and distribution of a wide portfolio of products, including soft drinks (such as isotonic drinks and F&N sodas), dairy items (like sweetened and under brands such as F&N ), and , with a strong emphasis on Halal-certified offerings in markets like and . Its publishing and division provides educational solutions, book , distribution, and commercial services, serving institutional and retail clients across the region. Majority owned by Thailand's TCC Group since a 2013 acquisition, F&N remains listed on the (SGX: F99) and continues to leverage its heritage of innovation—such as being the first in to produce canned soft drinks in the 1950s—to maintain a prominent position in consumer goods.

History

Founding and early operations (1883–1940s)

Fraser and Neave traces its origins to , when Scottish entrepreneurs John Fraser and David Chalmers Neave, who were already partners in the Singapore and Straits Printing Office, established The Singapore and Straits Aerated Water Company in colonial alongside their printing operations to produce carbonated soft drinks, starting with a modest workforce of 20 employees. The company imported carbonation equipment to create effervescent beverages, addressing the demand for refreshing drinks in the , with initial products including soda water, , and sarsaparilla. In 1898, a new named Fraser and Neave, Limited was formed through the issuance of public shares and capitalized at $350,000, acquiring the printing and aerated water businesses, marking its transition to a publicly listed entity on the Singapore and enabling further capital for expansion. The company relocated to a larger facility in and began diversifying into manufacturing in the early 1900s, acquiring interests in the to complement its aerated water operations and meet growing regional needs for refrigeration. By the pre-World War I era, Fraser and Neave had expanded production to key locations across the and beyond, establishing aerated water factories and branches in , , , , , , and Saigon. The outbreak of in 1914 brought supply chain disruptions, including shortages of imported raw materials and equipment, which slowed but did not halt the company's growth in soft drinks and ice production. During the , Fraser and Neave introduced technological improvements in processes and bottling, solidifying its position as a leading producer in . By the 1930s, the firm ventured into brewing through a with , forming Malayan Breweries Limited in 1931 to produce from 1932, expanding its beverage portfolio. World War II severely impacted operations when Japanese forces occupied from 1942 to 1945, leading to factory shutdowns, resource rationing, and workforce under the Syonan-to regime. Post-liberation in 1945, the company initiated recovery efforts, rebuilding infrastructure and resuming production amid economic challenges, which laid the groundwork for postwar stabilization by the late 1940s.

Post-war diversification and regional expansion (1950s–1980s)

Following , Fraser and Neave (F&N) leveraged its established soft drinks operations to diversify into brewing and dairy products, marking a shift toward broader and beverage portfolios amid regional economic recovery. The company's Malayan Breweries , originally formed in 1931 with , resumed and expanded production of , which had debuted in 1932 and became a staple in post-war Malaya and . This brewing arm drove significant growth, with operations focusing on premium production to meet rising demand in . In 1955, Malayan Breweries acquired South Pacific Brewery in , , introducing the SP Lager brand and establishing F&N's first major international footprint beyond Malaya. This move capitalized on emerging markets in the Pacific, enhancing the company's regional presence and diversifying revenue streams from its core aerated waters business. By the late , brewing contributed substantially to F&N's expansion, with facilities modernized to support higher output. Diversification into dairy began in 1959 through a joint venture with of Chicago, leading to the construction of Southeast Asia's first sweetened plant in , , which opened in 1961 as FN Beatrice Foods. The venture produced under F&N and Carnation brands, addressing nutritional needs in a region with growing populations and limited fresh access. Dairy operations expanded further in 1966 with evaporated milk production and in 1968 with facilities in , solidifying F&N's role in essential . To support its expanding product lines, F&N entered in the late , establishing Fraser & Neave Containers in 1967 for PVC and production, followed by a 1971 stake in Malaya Glass, Malaysia's largest glass manufacturer. In 1979, the company acquired a share in Singapore's Metalbox operations, enabling metal production and for beverages and dairy. These acquisitions reduced dependency on external suppliers and boosted efficiency during the growth phase, which emphasized and . By the decade's end, formed a key support for F&N's diversified operations across . The saw F&N reorganize its management structure into independent profit centers for beverages, , , and other interests, allowing focused oversight of its multinational operations. This restructuring enhanced accountability and adaptability, culminating in a 1989 turnover of S$1.16 billion and pre-tax earnings of S$155 million. Regional expansion continued through brewing and dairy, with facilities relocated in 1985 to optimize prime urban sites for while maintaining production scale.

Restructuring and property spin-off (1990s–2010s)

In the early , Fraser and Neave ventured into development through the acquisition and of Cold Storage Holdings, forming Frasers Centrepoint to manage retail and hospitality assets, including the iconic Centrepoint in Singapore's . This move marked F&N's strategic diversification beyond its core food and beverage operations, leveraging urban redevelopment opportunities from its existing brewery and bottling sites. During the same decade, F&N expanded its dairy operations regionally, establishing a presence in through initial s focused on processing and distribution under brands like . In the 2000s, this growth continued with a significant in , where F&N merged its business with Nestlé's canned and liquid operations in 2006, creating one of Southeast Asia's largest producers and enhancing market share in ambient and fresh products. F&N's publishing segment also saw notable growth through targeted acquisitions. In 1999, the company acquired a 20.1% stake in Times Publishing Group, increasing it to majority control by 2000, which integrated educational , , and distribution capabilities into its portfolio. This bolstered F&N's presence in media, with Times Publishing handling imprints like and expanding into bookstores and digital solutions. By 2006, F&N consolidated its property interests through a merger of its arms into Frasers Centrepoint Limited, rebranding the entity and launching Frasers Centrepoint Trust as Singapore's first retail to focus on income-generating assets. This restructuring streamlined operations and attracted institutional investment, positioning the division for international expansion into markets like and . The period culminated in major corporate changes driven by ownership shifts. In 2012, F&N sold its 39.7% stake in Asia Pacific Breweries to Heineken for approximately S$5.6 billion, providing capital for deleveraging and refocusing on non-brewing businesses. This transaction paved the way for Thai Beverage Public Company Limited and its affiliate TCC Assets, controlled by Charoen Sirivadhanabhakdi, to acquire a majority stake in F&N by early 2013, valuing the company at around S$13.8 billion. As part of the post-acquisition strategy, F&N executed a in 2013, spinning off Frasers Centrepoint Limited as a separate listed entity on the , which allowed the parent company to concentrate on food and beverage and publishing while distributing significant value to shareholders. The spun-off entity, later rebranded as in 2018, retained focus on global property development and management. This separation streamlined F&N's structure under TCC Group ownership, emphasizing operational efficiency in its core segments.

Recent strategic shifts and financial performance (2020s)

The significantly disrupted Fraser and Neave's operations in the early 2020s, particularly affecting its food and beverage (F&B) segment through supply chain interruptions and movement restrictions that led to a 3% revenue decline in the printing and publishing division in FY2022. In response, the company enhanced by diversifying sourcing and investing in digital tools, while accelerating adoption in F&B to maintain consumer access amid lockdowns, contributing to a 3.6% group revenue growth to RM4.1 billion in FY2021 despite ongoing challenges. These adaptations aligned with broader stakeholder-focused strategies, emphasizing employee safety protocols in line with national guidelines and reinforcing long-term amid global disruptions. In the mid-2020s, Fraser and Neave reported mixed financial results amid economic volatility. For the Singapore-listed entity, 9M2025 revenue rose 9.7% to S$1,769.5 million, driven by 12% growth in F&B from higher beverages and dairies sales, though profit after tax fell 6.4% to S$169.5 million due to margin pressures. For the full FY2025 (ended September 30, 2025), group revenue increased 7% to S$2,323 million, while profit after tax declined 6.4% to S$141 million, reflecting resilience in F&B amid cost pressures. The Malaysian , Fraser & Neave Holdings Bhd, achieved FY2025 revenue of RM5.2 billion but saw profit after tax decline 6.3% year-on-year to RM508 million, attributed to tourism headwinds in Indochina operations. Overall, these figures reflect resilience in core F&B amid input cost fluctuations, with Q4 FY2025 operating profit surging 45% to RM173.8 million on lower costs. Dividend payouts strengthened, signaling confidence in future cash flows; for instance, a 34.5% rise in Q4 FY2025 net profit to RM114.3 million prompted a proposed final single-tier of 35 sen per share, up from prior periods. A key strategic divestiture occurred in 2025, when Fraser & Neave Holdings Bhd sold its 50% stake in the Vacaron Company Sdn Bhd to Tan & Tan Developments Berhad for RM180 million, generating a one-off gain of RM83.2 million and allowing refocus on core F&B activities following the 2013 property spin-off. Sustainability efforts intensified, with initiatives targeting reduced plastic packaging through eco-efficient designs and ambitious reductions via energy efficiency programs across operations and the , including GHG emission cuts in and . These align with broader 2025 commitments under pillars like "Better Planet," emphasizing practices. Expansion in Indochina persisted despite volatility, with a new dairy facility in advancing toward early 2026 operations to produce canned milk and bolster regional market share in beverages and dairies, complemented by investments in Malaysia's F&N AgriValley project for enhanced local production.

Business Segments

Food and Beverage

Fraser and Neave's Food and Beverage (F&B) division serves as the company's primary revenue driver, accounting for 88% of and 85% of profit before and in 2025. The segment focuses on , marketing, and distributing non-alcoholic beverages and dairy products across , with key operations in , , , , and Indochina regions including and . This regional presence enables F&N to leverage local consumer preferences while maintaining a strong export orientation to support growth in emerging markets. In the beverage segment, F&N emphasizes non-alcoholic products, with flagship brands such as , the leading isotonic drink in and , and F&N soda. Other offerings include F&N SEASONS flavored drinks and OYOSHI , distributed through extensive retail networks. The company has a historical legacy in alcoholic beverages through its former stake in Breweries, which was divested in 2012 to focus on non-alcoholic growth; however, F&N re-entered the market in 2023 with a new in . In FY2025, beverages revenue reached $772.1 million, up 16% year-on-year, driven by soft drinks, , sales, and new launches. The dairy segment encompasses condensed and evaporated milk under brands like F&N and Carnation, yogurt through , and nutritious beverages including NutriWell juices and F&N liquid . F&N holds the top market position in condensed and evaporated in and . Strategic joint ventures enhance this portfolio, notably a 20.4% stake in Vietnam Dairy Products Joint Stock Corporation (), which bolsters production and distribution in and contributes significantly to segment profitability. In FY2025, the dairy operations saw 9% revenue growth, supported by sales in key markets, though offset by lower profits from . F&N's supply chain is anchored by over 20 plants across its operating regions, including a key facility in , . Recent expansions include a new beverage facility in Butterworth, , starting operations in August 2025, and a facility in slated for Q1 2026. Additionally, F&N AgriValley in , housing 6,500 , began commercial production in June 2025, aiming for 200 million liters annually by 2026. Regional distribution networks facilitate efficient delivery to retailers and consumers, while exports reach more than 20 countries, including , the , and parts of and the . This infrastructure supports scalability and resilience in the sector. Innovation drives F&N's F&B evolution, particularly in the with the launch of low-sugar variants such as Zero Sugar and F&N SEASONS Zero Sugar to meet health-conscious demands, achieving a 63% reduction in sugar content since 2004. Recent 2025 launches include Power Peach Zero Sugar, F&N Cholest Care, and Milk. Plant-based dairy options, including F&N NUTRISOY Kurogoma , have been introduced to expand the portfolio toward sustainable and alternative products. These developments align with broader trends in the region, enhancing brand relevance without compromising core market leadership.

Publishing and Printing

Fraser and Neave established its publishing and printing arm in 2000 through the acquisition of a majority stake in Times Publishing Group, a media entity with roots tracing back to the . This move marked F&N's entry into the knowledge-based sector, leveraging TPG's expertise to diversify beyond its core food and beverage operations. Today, operations are conducted under Times Publishing Group, which maintains offices in , , and the , alongside a broader global footprint spanning , , the , , and other regions. In FY2025, the segment generated revenue of $196.6 million, down 2% year-on-year, with a loss before interest and tax of $5.5 million due to lower sales and higher costs. The group's key activities encompass book publishing, particularly through the imprint, which specializes in educational materials for primary, secondary, and international curricula, including resources aligned with International standards. Additionally, Times Printers handles printing and commercial services, such as labels and packaging solutions, serving diverse clients across industries. These operations emphasize high-quality production and integrated solutions, from design to distribution. Times Publishing Group extends its global reach with printing facilities in , , and , including subsidiaries like Everbest Printing and Times Offset (Malaysia), supporting output for international markets. Retail outlets operate across through Times Bookstores in and , while distribution networks, led by Pansing, deliver content in 13 languages to over 50 countries, focusing on key regions like the , , , and . In response to , the group launched e-books and online platforms in the 2010s, including the eShop for educational resources and TIMES Bookstores Online for , alongside digital printing via JCS Digital. Notable partnerships enhance TPG's educational and distribution capabilities, such as collaborations with Penguin Random House for local publishing and distribution of trade titles in Southeast Asia, and alliances with brands like Time and Forbes Asia for content licensing.

Corporate Structure

Ownership and Subsidiaries

Fraser and Neave, Limited (F&N) is primarily controlled by Thai Beverage Public Company Limited (ThaiBev) through its wholly owned subsidiary InterBev Investment Limited, which holds approximately 69.7% of F&N's issued shares as of late 2024, following a major share swap transaction in September 2024 that increased ThaiBev's direct stake from 28.3% to the current level by exchanging its interest in Frasers Property for additional F&N shares from TCC Assets Limited. TCC Assets Limited, a holding company linked to ThaiBev's controlling shareholders, retains a significant 17.6% stake in F&N, contributing to overall group influence that originated with ThaiBev's initial 22% acquisition in 2013. F&N's shares are listed on the main board of the under the SGX: F99, with a total of approximately 1.46 billion . One of its principal subsidiaries, Fraser & Neave Holdings Bhd (F&NHB), in which F&N holds a 55.5% stake and which focuses on food and beverage operations in and Indochina, is separately listed on the main market of under the code 3689. The group's key subsidiaries include F&N Foods Pte Ltd, responsible for dairy production and distribution in ; Emerald Brewery Myanmar Limited, which manages beverage manufacturing and sales in ; and the Group, handling and activities across the region. F&N's overall encompasses more than 50 entities operating in 12 countries across and the , with the Dairies and Beverages segments representing approximately 76% of the group's total assets, valued at S$5.202 billion as of . Following the complete divestiture of its interests in Asia Pacific Breweries to in 2014, F&N no longer holds any minority stakes in the entity.

Governance and Leadership

Fraser and Neave, Limited (F&N) is governed by a comprising 9 members as of 2025, with a balanced composition that includes nominees from its major shareholder, TCC Assets Limited, such as Vice-Chairman , alongside who constitute approximately 56% of the board to ensure objective oversight. The board is chaired by Koh Poh Tiong, a non-independent , with Ng Tat Pun serving as Lead ; this structure reflects F&N's commitment to diverse expertise in areas like finance, operations, and regional markets while maintaining independence in key decision-making. The current is Colaco, appointed effective October 1, 2025, who oversees the group's food and beverage strategy, succeeding Hui Choon Kit after his 25-year tenure. Colaco, aged 51 and formerly with , brings expertise in dairy and consumer goods to drive sustainable growth in F&N's core segments. F&N's governance framework complies with the Singapore Exchange (SGX) Listing Rules and the Code of 2018, promoting transparency, accountability, and risk management. The , led by independent Ng Tat Pun, oversees financial reporting, internal controls, and external audits to safeguard shareholder interests. Sustainability reporting adheres to (GRI) standards, integrating environmental, social, and governance (ESG) factors into annual disclosures. Key policies include robust measures outlined in F&N's Anti-Bribery and Policy, which prohibits across operations and mandates training for employees, resulting in zero substantiated cases in FY2024. The board emphasizes diversity, with women comprising 22% of its members as of 2024, with a target of 30% by FY2030, aligning with broader efforts to enhance representation in . Executive remuneration is linked to ESG performance through incentive plans like the F&N Restricted Share Plan, where a portion of awards is tied to targets such as emissions reduction and ethical . Recent changes in 2024 culminated in the retirement of long-serving Chairman on January 16, 2025, following a December announcement, after which he was appointed Chairman ; this transition, influenced by TCC's ownership, led to updates in board committees to maintain continuity and independence.

References

  1. https://www.fraserandneave.com/about-us
  2. https://www.fnnfoods.com/our-history/
  3. https://www.beveragedaily.com/Article/2012/08/20/F-N-accepts-Heineken-s-S-5.6bn-Asia-Pacific-Breweries-offer/
  4. https://www.fraserandneave.com/about-us/our-heritage
  5. https://www.fundinguniverse.com/company-histories/fraser-neave-ltd-history/
  6. https://www.nlb.gov.sg/main/article-detail?cmsuuid=e62e3636-f9b6-4852-9816-1b01561c2b80
  7. https://www.encyclopedia.com/books/politics-and-business-magazines/fraser-neave-ltd
  8. https://www.company-histories.com/Fraser-Neave-Ltd-Company-History.html
  9. https://www.frasersproperty.com/content/frasersproperty/corporate/who-we-are/our-history.html
  10. https://www.nlb.gov.sg/main/article-detail?cmsuuid=fe0b3ff3-73ca-4353-9946-236caea6fa1c
  11. https://www.dairyreporter.com/Article/2006/10/17/f-n-takes-over-nestle-milk-business-in-asia/
  12. https://www.timespublishing.sg/about-us
  13. https://www.fraserandneave.com/our-businesses/publishing-printing
  14. https://pestel-analysis.com/blogs/brief-history/frasersproperty
  15. https://www.yumpu.com/en/document/view/20926574/2-august-2006-fraser-and-neave-limited
  16. https://www.reuters.com/article/business/thaibev-ups-f-n-stake-in-battle-with-heineken-idUSBRE87R1CG/
  17. https://www.cnbc.com/2013/01/30/thai-tycoon-wins-control-of-singapores-fraser-and-neave.html
  18. http://thaibev.listedcompany.com/newsroom/20130219_081857_Y92_FE2D8637472D027E48257B1600601C25.1.pdf
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  23. https://www.fn.com.my/fnhb-recorded-revenue-growth-for-fy2021-amidst-covid-19-disruptions/
  24. https://fn.com.my/investors/ar2020/ceo.html
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  26. https://www.fraserandneave.com/docs/default-source/newsroom/2025/quarter-4/12nov25-f-n-fy2025-financial-results-press-release.pdf
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  36. https://www.fraserandneave.com/our-businesses/food-beverage
  37. https://www.inside.beer/news/detail/myanmar-fraser-neave-to-build-new-brewery
  38. https://www.fraserandneave.com/docs/default-source/newsroom/2025/quarter-4/f-n-fy2025-financial-statements.pdf?sfvrsn=67b9a82b_4
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  43. https://www.theasset.com/article/22339/thai-beverage-buys-into-f-n-for-usd2-21-billion
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  47. https://www.fraserandneave.com/about-us/board-of-directors
  48. https://www.businesstimes.com.sg/companies-markets/thai-billionaire-charoen-retire-fn-chairman-2025-koh-poh-tiong-step
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  55. https://www.fn.com.my/wp-content/uploads/2020/07/ENG-Anti-Bribery-Anti-Corruption-Policy-2020.pdf
  56. https://www.fraserandneave.com/docs/default-source/investor-relations/corporate-sustainability/2024/f-n-sr2024_ecomomic-pillar.pdf?sfvrsn=5a7fa92b_2
  57. https://www.fraserandneave.com/docs/default-source/newsroom/2024/quarter-4/24dec24-changes-to-the-board.pdf?sfvrsn=9a7da92b_7
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