27 April 2005, Singapore - Singapore
mainboard-listed Auric Pacific Group, a leading distributor
of food and consumer products, is pleased to announce
that it will be investing up to $5 million to develop
a fine wine business in Singapore and the region. Subsidiary
Auric Pacific Fine Wines Pte Ltd (APFW) will handle the
regional fine wine wholesale and distribution business
for the group.
Dr Ronnie Tan, Executive Director of Auric Pacific
Group said, "We have
identified this as an excellent niche business with good potential and will
be investing a substantial amount to establish Auric
as a major wine player. The
wine business has been growing in the region and we anticipate demand to
increase for fine quality wines as consumers become
more affluent and sophisticated."
APFW plans to carry more than 500 labels of wine, many of which will be exclusive
and distributed solely by the company. The focus will be primarily on fine wines,
including wine futures or en primeur Bordeaux wines that are purchased as pre-releases
right after harvest and delivered two years later, and which usually appreciate
in value. There will also be a comprehensive variety of value-for-money wines
to supplement the range.
Leading the APFW team is General Manager Andy Tan who is a familiar and respected
name in the wine circuit and who was co-founder of Veritas Fine Wine Shop. He
started his career as a sommelier in 1992 and has over 10 years of experience
in the wine industry. Mr Tan has worked at several fine establishments including
five-star hotels like The Regent at Four Seasons Hotel Group where he received
accolades for his wine expertise.
Mr Andy Tan said: "We want to pitch Auric Pacific
Fine Wines as a professional fine wine merchant that
offers competitive prices, a wide range of quality
items and expert knowledge and advice in buying and
investing in wines. Currently,
we have a bi-weekly e-newsletter that we send to over 1,000 registered readers.
We also plan to conduct regular wine tasting seminars, winemaker events and
have
our own website to build our brand and strengthen our network."
The wines carried by APFW will focus on premier labels from France, Italy and
California. In addition, there will be wines from other regions like Spain, Chile,
Argentina, Australia and New Zealand to complete the range. The sales team will
be targeting a group of clients comprising retailers, hotels, independent food
and beverage outlets, corporate sales, and a growing pool of wine buyers and
collectors in the region.
"The number of fine wine specialists in the region is limited. We can play
a meaningful role by providing a comprehensive range of fine wines for discerning
wine drinkers, in particular those who are eager to explore new wines and
those who seek superior quality. We are equally interested to serve those who
also
view wine as an investment that can appreciate in value over time," said
Mr Andy Tan.
High yielding en primeur Bordeaux wines will be carried by APFW starting with
the recently launched 2004 vintage. APFW is offering top Bordeaux wines including
Lafite, Latour, Mouton Rothschild, Cheval Blanc, Le Pin and Petrus. In addition,
the company is stocking up a wide range of highly sought after past vintages
from Bordeaux and Burgundy.
On plans for the region, Mr Andy Tan said: "We will
initially concentrate on building up a strong home base
in Singapore but we will also tap a ready market
of wine appreciators in the region. We are also keen to conduct exploratory
market studies in the China and Malaysian markets. "
APFW has its office and a 5,200 square foot temperature-controlled warehouse
at Noel Corporate Building in Kallang Avenue in Singapore. Its parent company
Auric Pacific Group is in the business of distribution, manufacturing and investments
with operations in Singapore, Malaysia and China. Auric Pacific Group is one
of Singapore's leading distributors of packaged consumer food and beverages and
manufacturer of popular bread brands Sunshine and Top-One. It also manages a
diversified investment portfolio including investments in growth companies.
This release and other Auric Pacific Group announcements can be accessed
through its website at www.auric.com.sg
