CHINA: Tsingtao buys north-western brewing assets - report

By just-drinks.com editorial team | 13 April 2006

China's largest beer maker Tsingtao Brewery has reportedly bought the brewing assets of local brewer Baoji Beer Co for CNY123.3m (US$15.4m).

According to local reports today (13 April), Tsingtao said that the deal would help it maintain its leadership position in the north-west of China. Baoji Beer is based in China's Shanxi province.

Tsingtao was reportedly looking to expand into Southeast Asia after enjoying a year of rising earnings and sales. The brewer, in which Anheuser-Busch holds a 27% stake, posted a 7.5% rise in net profit to CNY306.6m, on the back of a 16% jump in revenues to CNY10.02bn.

Sectors: Beer & cider

Companies: Anheuser