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S KOREA: Hite sells part of Jinro stake

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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

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