CHINA: Tsingtao gets new parent in share reform

By just-drinks.com editorial team | 21 December 2006

Chinese beer maker Tsingtao Brewery said today (21 December) that its state-owned controlling shareholder plans to switch its stake in the brewer to another unit under a share reform plan.

Tsingtao said the government of the city of Qingdao planned to transfer all of its almost 400m Tsingtao shares to its wholly owned Tsingtao Brewery Group Co. unit.

Tsingtao Brewery Group Co. is an asset management form owned by the government of Qingdao. After the transfer, the city's government will no longer have a direct stake in the brewer.

Tsingtao, which is fighting with SABMiller associate China Resources Snow Breweries for leadership of the Chinese beer market, said the move would improve the management of its share structure.

US brewing giant Anheuser-Busch holds a 27% stake in Tsingtao.

Sectors: Beer & cider

Companies: SABMiller, Anheuser-Busch