Fraser and Neave, Limited (F&N) is a Singaporean food and beverage, publishing and former brewing and property industries conglomerate. It is owned by Thai Chinese billionaire business magnate Charoen Sirivadhanabhakdi. Listed in Singapore, the group's subsidiaries and associated companies include Frasers Property, Asia Pacific Breweries and Times Publishing. As of 2011, F&N had total assets of over S$14 billion and employed over 7,890 people in 11 countries. 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. History Founding and early history 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. Diversification, restructuring, and expansion 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. 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 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. 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. 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. 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