China Resources Beer's unit to take a 55% stake in non-beer liquor maker for $1.7 bln (updated)

China Resources Beer Holdings

25/10/2022 12:34

(Adds details, context)
       Oct 25 (Reuters) - China Resources Beer Holdings
 0291.HK  said on Tuesday its unit agreed to obtain 55.19% stake
in Chinese colourless liquor maker Guizhou Jinsha Jiaojiu Winery
Industry Co for about $1.68 billion, as it diversifies alcohol
businesses with non-beer assets.
    China Resources Wine Holdings Limited would boost capital in
Jinsha Jiaojiu by 1.03 billion yuan ($140.93 million), after
which it would hold 4.61% stake in the maker of Chinese
colourless "baijiu", and then acquire another 50.58% stake for
11.27 billion yuan, China Resources Beer said in a filing. 
    The acquisition is pending government regulatory approval,
China Resources Beer said. 
    China Resources Wine Holdings agreed to boost capital in
Shandong Jingzhi Baijiu, another Chinese colourless liquor
manufacturer, China Resources Beer said in August 2021, without
disclosing the size of the transaction. 
($1 = 7.3084 Chinese yuan renminbi)
 (Reporting by Navya Mittal in Bengaluru and Roxanne Liu in
Beijing; Editing by Krishna Chandra Eluri and Louise Heavens)
 ((Navya.Mittal@thomsonreuters.com;))