26 June, 2005

China: Talks to sell a further Kingway stake to Heineken are still preliminary

Kingway Brewery Holdings Ltd. announced on Friday, June 24, that talks to possibly sell a further stake to Netherlands’ brewing force, Heineken N.V., are still at a preliminary stage, according to Reuters.

In May 2005, Kingway said there had been no progress in discussions with the Dutch brewer, which is considering increasing its stake in the Chinese beer maker from 21.44 %. Heineken is competing with global rivals such as Anheuser-Busch and SABMiller to expand its share of China's fast-consolidating beer market, the world's largest by volume.

Early last year, the Dutch brewer paid HK$1.85 per share for its stake in Kingway. Shares in Kingway, which has a leading market position in the affluent southern province of Guangdong, have risen 2.8 % over the past month to close at HK$2.75 Thursday, June 23. (US$1=HK$7.8)

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