Asahi toys with sale of Ts­ing­tao

The Star Early Edition - - BUSINESS REPORT | INTERNATIONAL -

ASAHI Group Hold­ing, the largest Ja­panese beer­maker, picked Mor­gan Stan­ley to ad­vise on the po­ten­tial sale of its mi­nor­ity stake in China’s Ts­ing­tao Brew­ery, peo­ple with knowl­edge of the mat­ter said. Asahi’s plans to sell the Ts­ing­tao hold­ing are at an early stage, and no fi­nal de­ci­sions have been made, the peo­ple said, ask­ing not to be iden­ti­fied be­cause the in­for­ma­tion is pri­vate. The pro­ducer of “Su­per Dry” lager owns a 20 per­cent stake in Ts­ing­tao worth about $1.1 bil­lion (R14.65bn) based on the cur­rent share price in Hong Kong, data shows. Ts­ing­tao shares jumped as much as 7.8 per­cent in Hong Kong trad­ing yes­ter­day, the big­gest in­tra­day gain since Fe­bru­ary 2016. – Bloomberg

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