CHINA: Harbin share trading set to resume today
Shares in Harbin Brewery will resume trading today after the company's stock was suspended from trade on Friday. The brewer has had to clarify statements made by its chief executive to allow trading to restart.
On Friday afternoon, trade was suspended on Harbin's shares after they climbed by over 40% for the week, pending an announcement over statements made by CEO Peter Lo.
Lo had said that Harbin's 10-month-old relationship with SABMiller had failed, and added that his company preferred AB for a long-term partnership.
Harbin, in a statement on Saturday, said it could unilaterally terminate a strategic investor agreement with SABMiller.
Earlier in the week, Anheuser-Busch bought a 29% stake in the brewer which prompted another major shareholder, SAB Miller, to launch a hostile takeover bid. Observers believe this to be the first round in future attempts by the world's biggest brewers to consolidate the Chinese beer industry.
SABMiller, which owns a 29.4% stake in Harbin, signed a strategic investor agreement with the Chinese brewer last summer.
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