Sunday, May 2, 2004
Anheuser-Busch buys 29% stake in China's Harbin
Reuters Hong Kong, May 2
US brewer Anheuser-Busch Cos Inc said on Sunday it has bought a 29 per cent stake in China's fourth largest beer maker, Harbin Brewery Group Ltd for HK$1.08 billion ($138.5 million).
"Harbin fits our strategy of investing in leading companies in growth markets like China with good volume and profit growth potential," president and chief executive officer of Anheuser-Busch Patrick Stokes said in a statement.
Anheuser-Busch currently owns 9.9 per cent of China's Tsingtao Brewery, a leader in the world's largest beer market, and has an agreement to raise its stake to 27 per cent over the next few years.
© Hindustan Times Ltd. 2004.