Brewer buys rival to boost home share
By Joyce Pan |
December 8, 2010, Wednesday
|
Print Edition
Print Edition
TSINGTAO Brewery Co yesterday said it has agreed to buy out its competitor in Shandong Province for 1.87 billion yuan (US$281.3 million) to boost its share in its home market.
The brewery will buy Shandong Xin Immense Brewery Co from Hong Kong-based Xin Immense Brewery (Hong Kong) and China Skill, which hold 71 percent and 29 percent respectively, the Shandong Province-based company said in a statement filed to the Hong Kong Stock Exchange.
The acquisition is consistent with the brewer's strategy to build up its market position in the province and is expected to bring a strategic synergy effect to both companies, according to the statement.
Acquiring Shandong's second-largest brewery and seller will increase Tsingtao Brewery's market share in the province to up to 70 percent, the statement added.
The acquisition is pending approval from relevant government authorities.
Xin Immense's current annual beer production capacity stands at 550,000 liters. By the end of October, Xin Immense sold approximately 400,000 liters of beer with an unaudited net profit of 121 million yuan.
The brewery will buy Shandong Xin Immense Brewery Co from Hong Kong-based Xin Immense Brewery (Hong Kong) and China Skill, which hold 71 percent and 29 percent respectively, the Shandong Province-based company said in a statement filed to the Hong Kong Stock Exchange.
The acquisition is consistent with the brewer's strategy to build up its market position in the province and is expected to bring a strategic synergy effect to both companies, according to the statement.
Acquiring Shandong's second-largest brewery and seller will increase Tsingtao Brewery's market share in the province to up to 70 percent, the statement added.
The acquisition is pending approval from relevant government authorities.
Xin Immense's current annual beer production capacity stands at 550,000 liters. By the end of October, Xin Immense sold approximately 400,000 liters of beer with an unaudited net profit of 121 million yuan.
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