CHINA: A-B InBev sells remaining Tsingtao stake

By | 8 May 2009

Anheuser-Busch InBev has agreed to sell its remaining 7% stake in Tsingtao Brewery to a Chinese private investor, Chen Fashu, for US$235m.

The deal, announced by the brewer today (8 May), values Tsingtao at HK$19.83 per share.

Chen Fashu is a Chinese national and a private investor. The sale is expected to be complete by 27 May, after which A-B InBev will cease to be a shareholder in Tsingtao.

Last month, the group completed the sale of a 20% stake in Tsingtao to Asahi for $667m.

The deal with Chen Fashu comes only 24 hours after A-B InBev announced that it has agreed to sell South Korea's second largest brewer, Oriental Brewery, to private equity group KKR for $1.8bn.

The brewer is committed to disposals in order to help pay off a $7bn bridge loan taken out to fund InBev's $52bn takeover of A-B late last year.

A-B InBev yesterday beat analysts' expectations with a rise in like-for-like sales and operating profits in the first quarter of 2009.

Sectors: Beer & cider

Companies: Tsingtao, InBev, Anheuser-Busch, Asahi

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