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.
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