China brewery acquisition

PUBLISHED : Wednesday, 08 January, 1997, 12:00am
UPDATED : Wednesday, 08 January, 1997, 12:00am

China Resources Enterprise says 51 per cent-owned CRE Beverage will acquire a 7.1 per cent beneficial equity interest in three breweries in Shenyang, Liaoning province, from South African Breweries for 57.5 million yuan (about HK$53.59 million).

CRE Beverage's stake in the breweries - China Resources (Shenyang) Snowflake Brewery, Shenyang Snowflake Beer and Shenyang Shengyang Beer - will increase to 90 per cent from 82.9 per cent after the deal.

The three breweries have a production capacity of about 250,000 tonnes. In 1995, they had a taxed profit of 56 million yuan.