Asahi to sell stake in China's Tsingtao for US$941m

Tokyo

ASAHI Group Holdings Ltd agreed to place its stake in Tsingtao Brewery Co back into Chinese hands, selling its holding to conglomerate Fosun Group and the local brewer for about US$941 million.

Asahi is selling its 20 per cent holding in China's third largest brewer for HK$27.22 (S$4.68) a share, the Japanese company said in a statement on Wednesday. That's a 32 per cent discount to the day's closing price of HK$40 a share. Fosun will pay about US$847 million for an 18 per cent stake while Tsingtao will pay approximately US$94 million for the rest.