F&N on hunt for new business after slow year

Singapore

BEVERAGE group Fraser and Neave is sitting on a cash pile and will be on the hunt for acquisitions, it said on Monday evening as it reported a dip in full-year earnings largely due to absence of profits from operations discontinued last year.

The group, which sold its Myanmar Brewery unit last year, said it expects subdued consumer demand and keen competition in Singapore, Malaysia and Thailand and added that it will continue to invest "significantly" in Vietnam and Myanmar as key markets for its beverage business.