E-Malt.com News article: 556

Trading in the shares of the largest brewer in China, Tsingtao, was suspended on the Kong Kong Stock Exchange on morning January 23, pending a statement to be issued following a shareholders' meeting. The brewer's shares closed on January 22 at HK$4.675 and have gained some 30% during the past three months. The meeting, held on January 23, discussed the strategic investment being made by US brewer, Anheuser-Busch, which was announced in October 2002.

Under the agreement, Tsingtao will issue convertible bonds worth $182m to Anheuser-Busch in three instalments. The US company, the largest brewer in the world, already owns 4.5% of Tsingtao and has said it will increase its stake to 27% by the end of the decade.


24 January, 2003