Asahi prefers food to drink in China

Asahi prefers food to drink in China

Asahi Breweries has transferred part of its stake in Tingyi-Asahi Beverages Holdings to Chinese food company Ting Hsin Group.

The Japanese firm, which agreed yesterday (27 September) to pay US$520m for 6.54% of Ting Hsin, will follow the transaction with the divestment of 8% of Tingyi-Asahi to Ting Hsin for the same amount.

Asahi said it plans to “continue to support Tingyi-Asahi … for their future growth in China, while also attempting to develop and expand its food business”.

Asahi teamed up Japan's Itochu Corp in 2004 to invest in Tingyi-Asahi. The unit operates in the non-carbonated beverages sector, specifically RTD teas, juices and bottled water.

Ting Hsin is a packaged food manufacturing and distribution company, which also owns restaurant chains and retail businesses in China.

For Asahi's official announcement, click here.