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SINGAPORE: Asia Pacific Breweries ups Multi Bintang stake

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Asia Pacific Breweries has increased its holding in Indonesian brewer Multi Bintang Indonesia.

The Singapore-based firm, a joint-venture between Heineken and Fraser & Neave, confirmed earlier today (16 April) that it now holds 80.6% of the shares in Multi Bintang, following two share purchase transactions this week.

Back in February, Asia Pacific Breweries (APB) took over Heineken's controlling stakes in Multi Bintang, following the Netherlands-based brewer's tie-up with United Breweries in India late last year. APB agreed to acquire Heineken's 68.5% interest in Multi Bintang as well as Heineken's 87.3% holding in Grande Brasserie de Nouvelle Caledonie in New Caledonia for undisclosed fees.

Subsequently, also in February, APB bought 723,120 depository receipts of Multi Bintang shares issued by Hollandsch Adminstratiekantoor, representing a 3.4% stake, for EUR12.55 each.

This week, APB acquired a further 444,000 depository receipts from Hollandsch Adminstratiekantoor, representing 2.1% of Multi Bintang, through a Private Offer of depositary receipts held by investors other than Heineken, for EUR5.6m (US$7.6m).

Finally, APB acquired an additional 2.1m ordinary Multi Bintang shares (representing 10%) from the public shareholders via a Mandatory Tender Offer for around $38.4m(US$28m).

In all, APB now holds a controlling stake of 75.1% of Multi Bintang shares, and 1.2m depository receipts, an economic interest of 5.5%, meaning that it now holds an effective interest of just under 81% in the brewer.

“The acquisition allows APB to establish a significant presence in two new markets,” said company CEO Roland Pirmez. “This further extends our footprint in the Asia Pacific region and fortifies our reputation as the brewery group with the most expansive operations in this region.”

APB will now look to “achieving synergies” in its operations in the region.

Multi Bintang operates two breweries on the island of Java, near Jakarta and Surabaya. Together, they have a combined annual production capacity of 1.6m hectolitres.

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