E-Malt.com News article: Hong Kong: Kingway plans to build beer plant for $100 mln

China's Kingway Brewery Holdings Ltd. said on February 24 it planned to build a beer plant in the western city Chengdu for up to US$100 million, according to Reuters. The new plant would be built in Chengdu Hi-tech Industrial Development Zone and would be developed in two phases, the brewer said in a statement.

The first phase, which would take 18 months to complete, would involve US$50 million investment with an annual production capacity of 200,000 tonnes.

Kingway said its annual beer production capacity would rise to 1.5 million tonnes on completion of the first phase of development. It gave no other details. The brewer said it would fund the project by internal resources and bank borrowings.

Shares of Kingway have risen about 23 percent over the past three months to end at HK$3.45 on Thursday. (US$=HK$7.8)



24 February, 2006