SINGAPORE (June 15): Fraser and Neave is acquiring Warburg Vending, Warburg Engineering and Warburg Vending Services for about S$29 million in cash through its wholly-owned subsidiary, F&N Foods.

Warburg is the leading player in the Singapore vending market with over 18 years of operational experience.

F&N says the acquisition is expected to expand the group’s vending network and increase its brand visibility in both public and private segments, across educational, industrial and commercial sectors in Singapore.

Together with Warburg, F&N says the total number of active vending machines is set to increase almost threefold, thereby “boosting its vending market position in Singapore”.

“The Group will be able to offer consumers added convenience and a wider choice of products, ranging from pasteurised products, to bottled and canned soft drinks, hot beverages as well as snacks, at more locations islandwide,” says Lee Meng Tat, Chief Executive Officer, Non-Alcoholic Beverages F&N.

Post-acquisition, Warburg will become wholly-owned subsidiaries of F&N and will continue to operate independently with its key management team and employees remaining in place. It will also continue to support all its customers.

The acquisition is earnings accretive and will be funded fully from internal sources.

Shares of F&N closed flat at S$2.08 on Wednesday.

SINGAPORE (June 15): Fraser and Neave is acquiring Warburg Vending, Warburg Engineering and Warburg Vending Services for about S$29 million in cash, through its wholly-owned subsidiary, F&N Foods.

Warburg is the leading player in the Singapore vending market with over 18 years of operational experience.

F&N says the acquisition is expected to expand the group’s vending network and increase its brand visibility in both public and private segments, across educational, industrial and commercial sectors in Singapore.

Together with Warburg, F&N says the total number of active vending machines is set to increase almost threefold, thereby “boosting its vending market position in Singapore”.

“The Group will be able to offer consumers added convenience and a wider choice of products, ranging from pasteurised products, to bottled and canned soft drinks, hot beverages as well as snacks, at more locations islandwide,” says Lee Meng Tat, Chief Executive Officer, Non-Alcoholic Beverages F&N.

Post-acquisition, Warburg will become wholly-owned subsidiaries of F&N and will continue to operate independently with its key management team and employees remaining in place. It will also continue to support all its customers.

The acquisition is earnings accretive and will be funded fully from internal sources.

Shares of F&N closed flat at S$2.08 on Wednesday.