CHINA: Yanjing acquires Shejiang - report
Yanjing Beer Zhejiang Xiandu Co. has bought Shejiang Bihu Beer Co Ltd, according to press reports. Beijing Business Today has reported that Yanjing, a subsidiary of Beijing Yanjing Beer Group Corp., bought the company at auction for RMB27.6m (US$3.3m).
The newspaper quoted the group's vice-president Ding Guangxue as saying that the purchase is not an indication that it is moving into a new round of mergers and acquisitions, however, as Zhejiang Bihu Beer is only a small player with an annual beer production of around 10,000 tons.
According to the report, Zhejiang Bihu Beer is now able to repay more than RMB9.9m in debt.
Sectors: Beer & cider
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