RED chip Guangdong Investment has acquired control of Shenzhen Brewery by buying 40 per cent of the brewery from Guangnan Holdings, a wholly owned subsidiary of Guangdong Enterprises, for $129.8 million. Shenzhen Brewery's other equity holders include Shenzhen Lionda Holdings, which owns 25 per cent, while the remaining 35 per cent is held by Guangdong Group (Shenzhen), which is 70 per cent owned by Guangdong Investment. As a result, Guangdong Investment will increase its attributable interest in Shenzhen Brewery to 64.5 per cent from 24.5 per cent. Guangdong Investment will pay for the deal from internal resources, which include the proceeds of a US$102 million convertible bond issued in October. The company said yesterday the deal would complement the aggressive expansion of its other businesses, such as Guangzhou Malting. Shenzhen Brewery mainly brews, bottles and markets brands such as Holsten and Kingway in bottles, cans and kegs. Most of its production is sold in China. A little is exported to Thailand and Hong Kong. In the last fiscal year ended December 31, the brewery's production was 57,000 tonnes and audited profit after taxation was 13.8 million yuan (about HK$18.5 million at the official rate). Unaudited profit after taxation for the 10 months to October 31 was 34.7 million yuan.