JAPAN: Kirin Holdings plans brewery HQ sale - report
Kirin Holdings has seen its debt levels rise
Kirin Holdings is to sell the Tokyo head office of its brewing unit for up to JPY20bn (US$228m) to help clear acquisition debts, according to a local report.
Kirin, which also plans to sell its group headquarters for JPY10bn, will relocate Kirin Brewery Co to a rented building in Tokyo's Nakano Ward, the Yomiuri Shimbun reported today (7 January). The move follow a series of overseas acquisitions that has seen Kirin's debts soar from JPY302.7bn in 2006 to JPY1.14tn in 2011, the newspaper said.
Kirin is in line to acquire the food & beverage business of Singapore's Fraser & Neave for SGD2.7bn if a wider bid by Overseas Union Enterprise for the conglomerate succeeds.
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