China: Beijing Enterprises Ltd announces share reform plan for its Beijing Yanjing Brewery
Consumer products distributor and property investor Beijing Enterprises Ltd. announced the details of a share reform plan for its Shenzhen-listed brewer Beijing Yanjing Brewery Co. Ltd, Reuters announced on March 31.
Beijing Enterprises said in a statement it proposed to offer 2.1 non-tradable shares for every 10 A-shares held by A-share holders, and a total of 61.5 million brewer shares will be transferred to A-share holders, assuming all the company's convertible notes will be switched into A-shares.
The Hong Kong-listed company said its stake in the brewer would drop to 44.87 percent after the reform plan, from 53.92 percent, and it would suffer a loss in the net asset value of Beijing Yanjing of about 190.4 million yuan (USD24 million).
Shares of Beijing Enterprises have fallen 4.9 percent over the past month to end at HK$14.70 on Thursday. (USD=HK$7.8=8.02 yuan)
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