Asahi toys with sale of Tsingtao

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