CHINA: Kingway snubs Heineken stake push –report
Kingway Brewery is reluctant to give Heineken a majority stake in the brewer. The Chinese company said yesterday (13 February) that it will not allow the Dutch brewer to hold more than half of Kingway.
Speaking to the South China Morning Post, Li Wenyue, the chairman of Guangdong Investment, Kingway's parent, said: "We have no intention of allowing Heineken to hold more than 50% of Kingway despite its long-held interest in increasing its shareholding."
Talks between Heineken and Guangdong Investment to up Heineken's stake closed in August last year, with no significant progress, although Heineken admitted that it remained interested.
Heineken currently has a 21.44% stake in Kingway through its joint-venture with Singapore's Asia-Pacific Breweries. Gunagdong Investment holds 52.63% of the brewer.
In a separate report in the China Daily yesterday, Kingway, based in Shenzen province, said that it will spend a further CNY390m (US$48.4m) on a new production facility in south-west China this year. The paper speculated that the brewer would look to the city of Chengdu in Sichuan province for the new facility.
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