F&N to acquire nearly 20% stake in New Zealand honey manufacturer Comvita for NZ$20.1 million
This broadens its participation in health and wellness, with a focus on long-term growth categories
[SINGAPORE] Fraser and Neave (F&N) will invest up to NZ$20.1 million (S$15.1 million) in New Zealand-based honey producer Comvita, it said on Wednesday (Apr 15).
The mainboard-listed beverage maker has agreed to participate as a cornerstone investor in a proposed equity capital raising exercise by New Zealand Exchange (NZX)-listed Comvita.
It is looking to acquire a nearly 20 per cent stake in Comvita, a firm that engages in apiary and forest ownership, management and research. The company also manufactures and distributes Manuka honey, bee products and olive leaf products.
F&N chief executive officer Rahul Colaco said that the investment allows the group to broaden its participation in health and wellness segments in a manner that builds on its existing capabilities, as it focuses on categories that display resilient demand and long-term growth.
He noted that Comvita is a well-established premium wellness brand with “strong consumer trust and clear international growth potential”.
Colaco said: “We also see scope to contribute our regional market understanding, route-to-market strengths and operating experience to support Comvita’s growth ambitions over time.”
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Under the proposed transaction, F&N, through its wholly owned subsidiary F&N Ventures, has agreed to serve as the sole underwriter of Comvita’s planned pro-rata renounceable entitlement offer to raise up to NZ$30 million at NZ$0.65 apiece.
F&N has agreed to subscribe for all new ordinary shares offered by Comvita that are not subscribed for by its existing shareholders, at the offer price, provided its stake in the honey manufacturer does not exceed 19.99 per cent.
Once the entitlement offer is complete, F&N is expected to hold a 19.99 per cent stake in Comvita.
If this level of shareholding is not reached, Comvita will provide a top-up issuance of additional shares, which F&N has agreed to subscribe for at NZ$0.80 apiece. This is to bring F&N’s stake to 19.99 per cent.
While the transaction is expected to be completed on or around May 18, 2026, it is not guaranteed to go through as it is subject to requirements under the the NZX listing rules, said F&N.
Circumstances may also limit the size of the top-up of placement shares to F&N to a stake of less than 19.99 per cent in Comvita, F&N said.
The counter closed at S$1.45, down 0.7 per cent or S$0.01, before the news.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
