CHINA/SINGAPORE: Asia Pacific Breweries flushes out GDH bid for Kingway Brewery stake
GDH will buy APB's stake in Kingway Brewery
Asia Pacific Breweries has confirmed further details of the proposed sale of its stake in China's Kingway Brewery.
The company, a joint-venture between Fraser & Neave and Heineken, said earlier today that it will sell the 21.37% stake in Kingway held by Heineken-APB (China) (HAPBC) to the brewer's majority shareholder, GDH Ltd.
Last month, APB said that it had found a buyer for its stake and would proceed with the transaction unless GDH could match the terms. Subsequently, GDH will acquire the shares for the same amount - CNY1.08bn (US$164.5m).
Last month, the company's CEO, Roland Pirmez, said:"We believe that this is the best possible option for this asset, given the commissioning of our new brewery in Guangzhou and our current strategy to focus on the premium segment in China.”
APB’s share of the gain from disposal will be in the region of SGD38m (US$30.1m). HAPBC is 50%-owned by APB.
The transaction is expected to take place by the end of this month, after which “a further announcement will be issued by APB”, the company said.
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