E-Malt.com News article: 420

The world’s second largest beer brewer, SABMiller, announced on November the 22nd that China Resources Breweries Limited (CRB), its joint venture with China Resources Enterprise Ltd, will raise its ownership in three breweries from 90% to 100% and thus will have the full control of the Snow beer brand. These three breweries are: China Resources' Snowflake Brewery, Shenyang Snowflake Beer Company and Shenyang Shengyang Beer Company. CRB will buy these outstanding shares from Shenyang Pi Jiu Chang for HK$131.6 million (US$16.9 million) cash and an additional consideration of about HK$7.8 million.

Andre Parker, SABMiller's managing director for Africa and Asia, said he was seeking strategic acquisitions to build business in China and India, saying the Asian economies were more attractive than its traditional African base.


26 November, 2002