Trading in the shares of Tsingtao, the largest brewer in China, was suspended on the Kong Kong Stock Exchange on Thursday morning, pending a statement to be issued following a shareholders’ meeting.
The brewer’s shares closed on Wednesday at HK$4.675 and have gained some 30% during the past three months. The meeting, to be held on Thursday, will discuss the strategic investment being made by US brewer, Anheuser-Busch, which was announced in October, 2002.
Under the agreement, Tsingtao will issue convertible bonds worth $182m to Anheuser-Busch in three installments. The US company, the largest brewer in the world, already owns 4.5% of Tsingtao and has said it will increase its stake to 27% by the end of the decade.
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