The South Korean Hite Brewery has said that it is to offload a 10% stake in Jinro Ltd to Morgan Stanley Emerging Markets Inc for 250bn won (US$242m).
The sale sees Hite's stake in the South Korean drinks producer fall to 41.85% from 52.12%.
A total of 3.125m Jinro shares owned by Hite will be sold at 8,000 won each.
The sale comes only three months after a group led by Hite bought Jinro for US$3.4 billion.
Today, Hite said the sale would allow it to pay back its maturing debt and strengthen its financial base. It added that it was always its intention to own around a 41% stake.
Sectors: Beer & cider, Spirits
