The yeast enzyme is a multi-functional protein catalysing the reactions of EC
2.3.1.38 [acyl-carrier-protein] S-acetyltransferase, EC
2.3.1.39 [acyl-carrier-protein] S-malonyltransferase, EC
2.3.1.41 3-oxoacyl-[acyl-carrier-protein] synthase, EC
1.1.1.100 3-oxoacyl-[acyl-carrier-protein] reductase, EC
1.1.1.279, (R)-3-hydroxyacid ester dehydrogenase, EC
4.2.1.59 3-hydroxypalmitoyl-[acyl-carrier-protein] dehydratase and EC
1.3.1.9 enoyl-[acyl-carrier-protein] reductase (NADH).