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CHINA: Tsingtao Brewery to buy Shandong Xin Immense Brewery

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Tsingtao Brewery has lined up the purchase of Shandong Xin Immense Brewery Co in the Shandong province of China.

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The company, which is 20%-owned by Japan's Asahi Breweries, confirmed today (7 December) that it will acquire 75% of Shandong Xin Immense from Xin Immense Brewery (Hong Kong). The remaining 25% will be bought from China Skill, with the total cost coming to CNY1.87bn (US$280.4m).

The move sees Tsingtao take ownership of Shandong Xin Immense's Silver Wheat beer brand.

"The acquisition is consistent with the company's strategy to build up its market position as core base (sic) in Shandong Province," Tsingtao said. "It is expected that the acquisition can bring a strategic synergy effect to the company and (Shandong Xin Immense), which will have a positive impact on the future development of the company."

Tsingtao saw its share price rise by 5% following the announcement of the deal.

Founded in 2006, Shandong Xin Immense saw profits before tax in the first ten months of this year total CNY121m from sales volumes of around 400,000 litres.

To read the official announcement, click here.


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