China Re­sources Beer to buy SABMiller stake

China Daily (Canada) - - BUSINESS -

China Re­sources Beer (Hold­ings) Co Ltd said it seeks to raise HK$9.51 bil­lion ($1.2 bil­lion) via a deeply dis­counted rights of­fer to partly fund the pur­chase of SABMiller Plc’s stake in their joint ven­ture. The owner of Snow, the world’s big­gest sell­ing beer brand by vol­ume, made the an­nounce­ment onWed­nes­day af­ter which its shares fell to a two-and-ahalf-month low. China Re­sources Beer said CRH Beer, its con­trol­ling share­holder with a 51.67 per­cent stake, will take up its al­lot­ment. fam­ily’s investment ve­hi­cle has been in ex­clu­sive talks with theAsian in­vestor­swho­have been con­duct­ing de­tailed anal­y­sis of the club’s fi­nances for sev­eral months. Now, a deal in prin­ci­ple has been reached, ac­cord­ing to Ber­lus­coni, whospoke to re­porters af­ter leav­ing aMi­lan hos­pi­talonTues­day af­ter heart surgery last month. Bri­tain’s vote to exit the Euro­pean Union sent as­set prices into a tail­spin. Pol­i­cy­mak­ers on Tues­day em­pha­sised that the seize-up was con­fined to the sec­tor of “open-ended” funds in real es­tate that nor­mally al­low in­vestors to exit at will, and did not sig­nal a liq­uid­ity prob­lem in wider fi­nan­cial mar­kets. go is ac­cept­ing that change makes way for new and bet­ter ex­pe­ri­ences,” Black­Berry chief op­er­at­ing of­fi­cer Ralph Pini said in a blog post. Black­berry launched the Clas­sic in De­cem­ber 2014.

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