South Korea: Country’s leading brewer Hite Brewery to be turned into holding firm

South Korea's leading brewer Hite Brewery Co. said it will split into holding and operating companies to simplify its governance structure and boost investor interest, according to Asia Pulse, April 16.

Hite Brewery will divide its assets between the two companies effective July 1, the brewer said in a regulatory filing.

Shareholders of Hite Brewery will receive 55.8 shares of the holding company for each 100 they hold in the brewer and 44.2 shares of the operating company, Hite Brewery said.

The brewer will tentatively name the holding company and the operating company "Hite Holdings" and "Hite Brewery," respectively, it said.

Shareholders will vote on the plan on May 29, with Hite Brewery planning to list the two companies separately on the Korean Exchange on July 30, the brewer said.

The planned holding company will have three major subsidiaries under its wing, including Korean distilled liquor maker Hite Distillers Co., Hite Alcohol Co. and Hite Industrial Co., Hite Brewery said.

16 April, 2008