30 January, 2005

Hong Kong: Shares in China's Kingway Brewery Holdings Ltd. slumped 7.32 percent in pre-open trade on Friday after speculation of a full-blown takeover by Dutch beer maker Heineken was quashed. Kingway shares were indicated at HK$2.85, down sharply from the last traded price of HK$3.075. They had jumped by around 49 percent over the last few sessions before a trading halt was imposed on Wednesday.

Kingway said on Friday its parent, GDH Ltd, would not give up control of the company.

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