Q01 - QAF Limited

QAF Limited1 is an investment holding and management company. The principal activities of the Company consist of the manufacture and distribution of bread, bakery and confectionery products; provision for warehousing logistics for food items; trading and distribution of food and beverages; production, processing and marketing of meat; feedmilling and sale of animal feeds and related ingredients; production, processing and sale of dairy products, and manufacture and sale of fruit juice-concentrate and investment holding.

The Company is organized into six segments: food manufacturing, bakery, primary production, trading and logistics, investments and others. The Company operates in five geographical areas: Singapore, Malaysia, Australia, China and the Philippines. In November 2007, QAF Limited's shareholding interest in China Food Industries Limited had been diluted from 55% to approximately 13.75%.

In Singapore, the Company is best-known for its Gardenia brand of bread.



In 1988, QAF was near-bankrupt, according to Wong Fong Fui, where its market cap was just over $15 million. The company, which posted an operating loss of $6 million that year, was all over the place, involved in businesses ranging from oil exploration to newspapers to supermarkets. Plus there was drama involving its major shareholder, Brunei's royal family, which was fighting internally over what to do about the business. It refused to give QAF any new contracts or licenses.

Wong, who became an investor and its managing director, homed in on the only profitable piece, a bakery called Gardenia. Within three years QAF had become a food business selling items throughout Asia, including India and China. (In Brunei the business remained diversified.) By the time he sold out to Indonesia's Salim Group in 1996 for an estimated $500 million, QAF had become one of the region's largest food businesses.2


Industry Diversified Holding Companies
Address 150 South Bridge Road #09-04 Fook Hai Building Singapore 058727 Singapore
Phone 6565382866
Fax 6565386866
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