S KOREA: Hite mulls Jinro overseas listing - report

By just-drinks.com editorial team | 26 July 2006

South Korea's largest beer maker Hite is mulling whether to list its distilling unit Jinro overseas, according to local reports.

Reports in South Korea claimed that Hite was considering listing Jinro, the country's largest distiller, overseas - and was focussing on the US and the UK.

However, a Hite spokesman told Dow Jones today (26 July) that the company was yet to make a decision on an overseas listing for Jinro.

"We will definitely begin the process of re-listing Jinro on the local market next year, but no details have been determined yet on an overseas listing at the moment," the spokesman said.

Last year, a consortium led by Hite bought Jinro in a deal worth KRW3.41trillion (US$3.6bn). Hite owns just under 42% of Jinro, which was delisted from the Korean stock market in 2003 after the company went bankrupt.

Jinro produces soju, a local spirit that dominates spirits consumption in the Asian country.

Sectors: Beer & cider, Spirits