China: Tsingtao Brewery buys out parent from 22 units

Tsingtao Brewery Co Ltd said it has signed an agreement to buy out parent Tsingtao Brewery Group from 22 units, XFN-ASIA reported May 26.

The stakes, ranging from 2.27 pct to 30 pct, are worth a combined 76.94 mln yuan, Tsingtao Brewery Co said in a statement filed with the Shanghai Stock Exchange.

The 22 companies will become wholly-owned units of Tsingtao Brewery Co after the deal, which is intended to reduce competition with Tsingtao Brewery Group.

28 May, 2008