UK: SAB appoints Chinese partner to board
South African Breweries has announced that Ning Goaning ("Frank Ning") has been appointed to its board as a non-executive director with effect from today (Thursday).
Ning is the chairman of China Resources Enterprise Limited, which has a 51% holding in CRE Beverage Limited (CREB), a joint venture company in which SAB holds the remaining 49%.
He is also the vice chairman and president of China Resources (Holdings) Company Limited and China Resources National Corp, chairman of China Resources Beijing Land Limited, a director of HIT Investments Limited and a director of The HKCB Bank Holding Company Limited.
Earlier this week SAB announced a further joint venture in the South West Chinese province of Sichuan, which will have an 80% share of the province's beer market.
The joint venture, called China Resources (Sichuan) Blue Sword Breweries, will be 62% owned by CREB and the remainder by the province's leading brewer Sichuan Blue Sword Breweries group. The venture will brew Blue Sword beer and CREB's Snowflake beer.
The venture will incorporate two breweries owned by CREB and 10 owned by Blue Sword in Sichuan, and the assets of the venture will be in excess of $240m. CREB's total investment cost in the venture will amount to around $64m.
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