CHINA: Lion unsure of sale to Interbrew - report
The Lion Group is yet to decide whether to sell its stakes in 12 Chinese brewers to Interbrew, according to press reports.
The New Straits Times quotes Lion's CEO and controlling shareholder William Cheng as saying: "'We haven't decided yet. If the breweries are doing well, we will keep our interests as an investor. But if they are not doing well, we will exercise the option to sell our remaining 50 pct within three years.
"Today, the breweries are actually reporting profits," Cheng added.
Lion agreed last year to sell half of its stakes in the 12 breweries in China to Interbrew for MYR499.7m (US$131.39m), and took a deposit of MYR200m from the Dutch company for the option to buy the remaining stakes. If the option is not exercised, Lion will refund the money to Interbrew.
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