SABMiller Plc - Increased Shareholding In Three Ch
SABMiller Plc - Increased Shareholding In Three Chinese Breweries
SABMILLER PLC
JSE Alpha code :SAB
Issuer Code : SOSAB
ISIN code : GB0004835483
INCREASED SHAREHOLDING IN THREE CHINESE BREWERIES
London and Johannesburg, 22 November 2002. SABMiller plc and China Resources
Enterprise Limited ("CRE") have, through their joint venture China Resources
Breweries Limited ("CRB"), agreed to raise their ownership of three breweries
from 90% to 100% to gain full control of the Snow beer brand.
CRB will buy the outstanding shares in China Resources (Shenyang) Snowflake
Brewery Co. Ltd., Shenyang Snowflake Beer Co. Ltd. and Shenyang Shengyang Beer
Co. Ltd. from Shenyang Pi Jiu Chang for a cash consideration of HK$131.6 million
(US$16.9 million) plus an additional consideration, likely not to exceed HK$7.8
million (US$1 million). The price, including the additional consideration,
represents approximately 2.8 times the proportionate share of the net asset
value of the breweries, which are all in Shenyang, China`s Northeast Liaoning
Province.
CRB is China`s second largest brewer and has invested in 28 breweries with
annual production capacity of approximately 37 million hectolitres. In addition
to Snow, its brand portfolio includes Blue Sword.
ENDS
Further information
Nick Chaloner Tel: +44 20 7659 0119
Director of Communications
SABMiller plc
Media
Ciaran Baker Tel: +44 20 7659 0120
Investor relations
Anna Miller-Salzman Tel: +44 20 7659 0106
Date: 22/11/2002 03:41:02 PM Produced by the JSE SENS Department
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