E-Malt.com News article: China: Tsingtao Brewery parent increases shareholding, intends to buy back more

Tsingtao Brewery Group Company Limited, the parent of China’s top beer maker, Tsingtao Brewery, has increased its shareholding in the brewing company through the trading system of the Shanghai Stock Exchange on September, 25, according to an official press release.

Tsingtao Group increased its stock in the company by 1,879,950 shares. Immediately prior to this, the parent held 399,820,000 shares of the enterprise, representing approximately 30.56% of the total issued shares. Immediately following this share acquisition, Tsingtao Group held 401,699,950 shares of the company, representing approximately 30.71% of the total issued shares.

The parent would continue to increase its stake in the listed company over the next 12 months, but the total stake would not exceed 2 percent of Tsingtao Brewery's total floated shares, it was reported.

Local-currency A shares in Shanghai-listed Tsingtao Brewery closed up 4.82 percent at 15.89 yuan on September, 25, outperforming the overall market's, Reuters communicated.

Last week, China’s government unveiled an unprecedented package of steps to bolster the sagging stock markets, including scrapping taxes on stock purchases and encouraging state-owned corporations to buy back shares of their listed units.



26 September, 2008