Beijing Enterprises has acquired two breweries for 236.88 million yuan (about HK$221.86 billion) from its parent, in a move that will boost its presence in the world's second-largest beer market.
The red chip has announced it will acquire a 93.75 per cent stake in Yanjing Hen Yang for 169.38 million yuan and a 92.95 per cent equity stake in Yanjing Xiang Fan for 67.5 million yuan.
Yanjing Hen Yang and Yanjing Xiang Fan belonged to the Yanjing Group, a wholly-owned subsidiary of the Beijing municipal government, Beijing Enterprises' parent.
The intention is to turn Yanjing Brewery into Beijing Enterprises' brewery flagship to hold all of its brewing assets.
Yanjing Brewery's annual output at the end of last year stood at 900,000 tonnes.
The two breweries to be acquired together have annual production capacity of 180,000 tonnes.