31 August, 2006

China: Tsingtao Brewery Co. Ltd. starts share reform after lead shareholder raises stake

Tsingtao Brewery Co Ltd said it has started the restructuring of its state shareholdings after the company's largest shareholder increased its stake to 32.76 pct, Forbes informed August 30.

The company said in a statement filed to the Shanghai Stock Exchange that Qingdao Guoxin Industrial Co, a fully-owned subsidiary of the State-owned Assets Supervision and Administration Commission (SASAC) of Qingdao, has acquired a 2.2 pct stake in listed Tsingtao Brewery from China Orient Asset Management Corp.

Guoxin's ownership could be diluted when the state shareholdings are restructured, via the offer of bonus shares to public shareholders.

This could make it possible for Anheuser-Busch, which currently holds a 27 pct stake in Tsingtao Brewery, to acquire a controlling interest in the company, if SASAC does not increase its investment.

(US$1 = CHY8.00)

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