09 Mar '11, 7am

APB to sell stakes in China unit

SINGAPORE: Asia Pacific Breweries Ltd (APB) said its associate firm, Heineken-APB (China) Pte Ltd (HAPBC), plans to sell its stake in Chinese brewer Kingway Brewery Holdings Ltd for 1.08 billion yuan (S$205 million). In a filing to the Singapore Exchange, APB said that HAPBC has agreed to sell the 365.8 million ordinary shares, representing about 21.37 per cent of the issued share capital of Kingway Brewery, to an unnamed buyer. HAPBC is a 50-50 joint venture company of APB and Asia Pacific Investment Pte Ltd, which is equally owned by Dutch beer giant Heineken and APB's parent Fraser and Neave Ltd. APB said the offer represents an estimated premium of 72 per cent over the book value of HAPBC's investment, resulting in a gain of about S$76 million, after deducting foreign exchange and transaction related expenses. By virtue of its 50 per cent stake in HAPBC, APB's share of...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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