Beijng Yanjing Brewery has announced it plans to sell additional shares to fund expansion, according to local reports.

China's second-biggest beer said today (21 January) that it aims to raise between CNY1.2bn (US$166m) and CNY1.5bn from the sale.

The funds will be used to build 11 new facilities, including a raw material processing plant in Xinjiang and in Inner Mongolia, local reports have said.

On Friday, the company's stock was suspended pending an announcement.

Beijing Yanjing is the last remaining major independent brewer in China. Speculation over the last couple of years has linked InBev to the company, although nothing has materialised as yet between the two.