SABMiller's Chinese joint venture will acquire a brewery in China's Shandong Province for about US42million, the JSE and London listed brewing giant said on Friday in a statement.China Resources Snow Breweries, SABMiller's joint venture with China Resources Enterprise, would acquire Shangdong Hupo Brewery's assets through the formation of another joint venture in which it will own a 90 percent stake.
This would increase to 100 percent within three years of the venture's formation.
Hupo Brewery is situated in Zouping county, northern Shandong Province.
"More beer is consumed in Shandong Province than any other province in China and Zouping County serves as a transportation hub to neighbouring major cities such as Binzhou, Jinan, Zibo and Dongying," the statement said.
The joint venture will spend about US8million on upgrading technology at the brewery, which currently has an annual production capacity of 2.7m hectolitres.
Source : Sapa /jr/jog
Date : 13 Mar 2009 11:33
