December 18, 2003

Singapore's QAF Explores Pig Farming Opportunities in China

Singapore food distributor QAF Ltd said it has incorporated a wholly-owned subsidiary in China, namely Auspeak Integrated Livestock Farming (Fujian) Co Ltd.

The company said the incorporation of Auspeak, which has a proposed registered capital of US$5.0 million, will allow it to carry out pig farming and related activities, subject to a feasibility study as to sites and market conditions.

It added that the incorporation of the subsidiary does not have any material impact on the net tangible assets or earnings of the QAF group for the financial year ending 31 Dec 2003.

About QAF Ltd

The principal activities of QAF group consist of the manufacture and distribution of bread, bakery and confectionery products; operations of supermarkets; cold storage warehousing; trading and distribution in food, beverages, food related ingredients and commodities; production, processing and marketing of pork and feedmill operation; and investment holding.

(1 USD = 1.70 SGD)