Investor Alert

London Markets Open in:

March 8, 2011, 11:35 p.m. EST

APB to Sell Kingway Stake

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Heineken N.V. (HEIA)
  • X
    Guangdong Land Holdings Ltd. (124)

or Cancel Already have a watchlist? Log In

By Sam Holmes

SINGAPORE -- Asia Pacific Breweries Ltd. Wednesday said its 50-50 joint venture with Heineken N.V /zigman2/quotes/205347870/delayed NL:HEIA +0.36% ., Heineken-APB China, plans to sell its 21.4% stake in Kingway Brewery Holdings /zigman2/quotes/205042438/delayed HK:124 +1.89% Ltd. to a potential purchaser for about 1.08 billion yuan (US$164 million).

"The offer represents an estimated premium of 72% over the book value of our investment resulting in a gain of approximately 76 million Singapore dollars (US$60 million) after deducting foreign exchange and transaction related expenses," APB Chief Executive Roland Pirmez said in a statement.

"By virtue of its 50% stake in Heineken-APB China, APB's share of the gain from disposal will be approximately S$38 million."

The company said the agreement with a potential purchaser to divest will lapse if GDH Ltd., the controlling shareholder of Kingway Brewery, exercises its pre-emption right to acquire the sale shares on the same terms it sold the stake to Heineken-APB in 2004.

Write to Sam Holmes at samuel.holmes@dowjones.com

NL : Netherlands: Euronext Amsterdam
+0.32 +0.36%
Volume: 488,918
Nov. 23, 2020 5:35p
P/E Ratio
Dividend Yield
Market Cap
€51.26 billion
Rev. per Employee
HK : Hong Kong
HK$ 1.08
+0.02 +1.89%
Volume: 146,750
Nov. 23, 2020 4:08p
P/E Ratio
Dividend Yield
Market Cap
HK$1.81 billion
Rev. per Employee

This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.