China: Kingway plans $50 million brewery in China's Chengdu

Kingway Brewery Holdings Ltd., Dutch brewer Heineken N.V.'s partner in China, plans to invest US$50 million to build a brewery and develop a beer-making business in Chengdu in China's central province of Sichuan, Reuters reported May 19.

The Chinese brewer said in a related the brewery, which would be constructed in the Chengdu Hi-tech Industrial Development Zone in Chengdu City, would commence production in the second half of 2007 and the company would fund the investment by internal resources and bank loans.

Shares of Kingway have risen 5.3 percent over the past month to end at HK$3.45 on May 18. (US$=HK$7.8)

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