JAPAN/CHINA: Asahi Breweries lets go of Tingyi-Asahi Beverages stake
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.
The recent attempt by Asahi Breweries of Japan to buy P&N Beverages has led Ray Rowlands of Drinksinfo Ltd to delve into the bedrock of the current ownership status of Australia's beverage industry wi...
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