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

APB to Sell Kingway Stake

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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 +0.72% ., Heineken-APB China, plans to sell its 21.4% stake in Kingway Brewery Holdings /zigman2/quotes/205042438/delayed HK:124 -1.15% 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

/zigman2/quotes/205347870/delayed
NL : Netherlands: Euronext Amsterdam
84.06
+0.60 +0.72%
Volume: 715,975
May 28, 2020 5:35p
P/E Ratio
22.28
Dividend Yield
2.00%
Market Cap
€48.02 billion
Rev. per Employee
N/A
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/zigman2/quotes/205042438/delayed
HK : Hong Kong
HK$ 0.86
-0.01 -1.15%
Volume: 58,000
May 28, 2020 4:08p
P/E Ratio
4.32
Dividend Yield
N/A
Market Cap
HK$1.49 billion
Rev. per Employee
HK$1.01M
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