China`s Guangdong Brewery has denied being in talks about a possible stake sale, after a 33 % rally in its shares. Dutch brewer Heineken bought a 21 % stake in Guangdong for $71 million this year via a joint venture.

Heineken declined to comment. However, a person close to the Dutch brewing group made clear its interest in increasing its 21 per cent holding, according to Financial Times.

In a telephone interview with Reuters, chairman Ye Xuquan said: “We have no intention to sell our stake to any foreign companies. We have not held any talks at all.” Ye also said that the company had no intention of selling a stake before the end of this year or early next year.

Separately, Heineken Asia Pacific Breweries China Pte Ltd, Heineken NV's joint venture with Singapore's Asia Pacific Breweries, said yesterday that it will consider raising its stake in Guangdong “if an additional stake becomes available”, a spokeswoman for Heineken said.

“As our CEO said earlier, if an additional stake becomes available, we will consider it,” Heineken Asia Pacific spokeswomen Sarah Koh told AFX-Asia. She declined to say, however, if the company is currently in talks over a stake acquisition.

Earlier this year, Heineken Asia Pacific acquired a 21.5% stake in Guangdong Brewery.

09 July, 2004