SaBMiller China unit pays HK$6.6bn for assets
IOL Business/ Bloomberg - Feb 6th, 08:47
SABMiller’s joint venture in China agreed to buy HK$6.6 billion (R7.5bn) worth of brewery assets from Kingway Brewery Holdings to boost its share of the nation’s beer market.
hina Resources Snow Breweries, which is also owned by the government-backed China Resources Enterprise, would acquire Kingway’s production and sales business including seven breweries, it said in a statement. The purchase price includes the value of loans.
Kingway last week said in a statement to the Hong Kong Stock Exchange that it expected to report a loss for the second half of last year, after recording a loss of HK$101.6 million in the first six months
The stock closed 0.07 percent higher at R443.20 on the JSE yesterday. China Resources’ Snow Breweries, the top beer brand in China, had a 22 percent market share last year, according to Euromonitor International, a London-based researcher. Shares of the company sank 1.1 percent in Hong Kong before the announcement. – Bloomberg
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