The Chinese brewing group, Guangdong Brewery Holdings Ltd., a Hong Kong-listed company which is part of Guangdong Investment Ltd., has inked a CNY75m deal which will see it increase its participation in three Chinese brewers.
Guangdong is to buy the 10% stake in each company owned by Shenzhen Bao An District Investment. The three companies, Shenzhen Kingway Brewing, Shenzhen Utility and Shenzhen Kingway Packaging, all produce beer under the Kingway brand. The deal will increase Guangdong’s stake in each company from 87% to 97%.
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Guangdong Investment is to buy shares worth a total of CNY15m from Shenzhen Bao An District Investment, while assuming an existing CNY60m loan owed by Guangdong Brewery.
