We refer to the media release published by Heineken N.V. on 24 March 2026 regarding the role and future operating model of Asia Pacific Breweries (Singapore) Pte Ltd ("APBS"), its wholly owned subsidiary in Singapore. 

Pursuant to the announcement, APBS will shift to an import-based supply model supported by HEINEKEN breweries across the region. The move, part of HEINEKEN's EverGreen 2030 strategy, will maintain and deepen Singapore's role as a base for regional commercial operations, logistics, innovation and GenAI-enabled capabilities. Singapore will remain the global home of Tiger Beer, with the brand's global leadership anchored in Singapore - setting strategy, shaping creativity, and guiding direction and R&D that support the brand worldwide. Singapore will also continue to play a pivotal role within HEINEKEN's Asia Pacific network by driving brand building, commercial excellence and innovation.

To support this transition, HEINEKEN Malaysia and HEINEKEN Vietnam will produce and supply to Singapore and Asia Pacific export markets. This transition will be gradual and has been factored into the Company's supply chain capacity plan.

Rationale

At present, exports account for less than 1% of the Company's total sales. This arrangement provides the Company an opportunity to expand its export business to Singapore and other markets in Asia Pacific. Additionally, it enables the Company to optimise its supply chain capacity, delivering greater economies of scale whilst enhancing operational efficiency.

Impact

As the transition will be gradual, with full impact expected only by the third quarter of 2027, it is not expected to have any material financial impact on the Company's 2026 performance. It is anticipated to contribute positively in the subsequent years. The arrangement will not affect the share capital or shareholding structure of the Company, and no changes are foreseen to the Company's organisational structure.

Directors' and Major Shareholders' Interest

Save as disclosed below, none of the directors and/or major shareholders of the Company and/or persons connected to them have any interest, direct and/or indirect in the arrangement:

• APBS is a wholly owned subsidiary of Heineken Asia Pacific Pte Ltd ("HAPPL"). HAPPL is the holding company of GAPL Pte Ltd, the Company's major shareholder. HAPPL is owned by Heineken N.V., which in turn is the Company's ultimate holding corporation.
• Mr Martijn Rene van Keulen, Mr Choo Tay Sian, Kenneth, Ms Erin Sakinah Atan and Ms Shelly Kohli are nominees of GAPL Pte Ltd on the Board of the Company. Mr Choo Tay Sian, Kenneth is also a Director of APBS.

In view of the interests of the major shareholder and directors described above, all transactions arising from the arrangement are classified as related party transactions under the Listing Requirements of Bursa Malaysia Securities Berhad. These transactions will be undertaken in the ordinary course of business based on the prescribed transfer pricing methodology. The Company will seek a shareholders' mandate to cover the related transactions at its next annual general meeting.

The Heineken N.V.'s media release is attached below for reference.

This announcement is dated 24 March 2026.