CHINA: Tsingtao set to invest in brewery construction
Tsingtao Brewery Co. has prepared a bond issue to fund future expansion.
The Hong Kong-listed Chinese brewer said yesterday (11 November) that it will sell a set of six-year bonds on the mainland, with a view to raising in the region of CNY1.5bn (US$202.4m). The bonds will be sold to institutional investors, the brewer told the Hong Kong Stock Exchange over the weekend.
Proceeds from the bond sale will be used to fund the construction of five new brewing facilities in China, as well as to increase its present malt production capacity.
Last month, Tsingtao, which is 27%-owned by Anheuser-Busch, posted a 52% leap in net profit for the three months to the end of September. Net profit hit CNY328.6m, on the back of a climb in sales for the period to CNY4.28bn from CNY3.7bn in the corresponding period a year earlier.
For the nine months of 2007 so far, net profit climbed by a massive 61% to CNY695m, as sales lifted to CNY11.11bn from CNY9.55bn.
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