Heineken-APB (China) has bought up the remaining shares in Shanghai Asia Pacific Brewery that it does not already own.

The company, which is jointly-owned by Heineken and Fraser & Neave, said today (11 March) that it has acquired the outstanding 3% of shares in the brewer, for a cash consideration of around CNY17m (US$2.4m).

"The acquisition is not expected to have a material impact on the net tangible assets per share or earnings per share of the group for the current financial year," said Heineken-APB.

Late last year, APB posted a 17% lift in operating profit for the year to the end of September. Operating profit came in at SGD269.5m (US$185.5m), on the back of a 17% climb in sales, at SGD1.8bn.