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Kingway says shareholder sells stake at premium

Kingway Brewery Holdings Ltd (0124.HK) said shareholder Heineken-APB (China) Pte Ltd had agreed to sell its entire stake in the Chinese brewer at a price representing a 62.8 percent premium to its last close.
In a filing to the Hong Kong bourse over the weekend, the Chinese brewer said the shareholder had agreed to sell its 21.37 percent stake for 1.08 billion yuan. That represented HK$3.50 per share versus a closing price of HK$2.15 on March 8 prior to a trading suspension.
Trading in the shares will resume on Monday.
China Resources Enterprise Ltd (0291.HK) has bought 21.37 percent of Kingway Brewery Holdings Ltd (0124.HK) for about $161.3 million, a company official confirmed on Thursday. [ID:nHKV002722] (US$1=HK$7.78)

14 Mar. 2011

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