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Kingway says controlling shareholder to up stake, CRE bid blocked

* Controlling shareholder blocks bid from China Resources
* Stake in Kingway will rise to 73.82 pct from 52.45 pct (Add details, update stock price)

Kingway Brewery Holdings Ltd's said on Monday that controlling shareholder GDH Ltd has exercised its right to buy a 21.37 percent stake held by a Heineken NV joint venture in China, blocking a bid from China Resources Enterprise Ltd (CRE) .
Shares of Kingway fell 2.9 percent in early afternoon trading, while China Resources were up 1.2 percent compared with a 1.2 percent gain by the Hang Seng Index .
In a filing to the Hong Kong bourse, Kingway said GDH, a wholly-owned subsidiary of Guangdong Holdings Ltd, would buy the stake for 1.08 billion yuan ($164.94 million), increasing its holding in the Chinese brewer to 73.82 percent.
Last month, CRE, which produces China's top beer brand Snow with SABMiller Plc , said it would buy a 21.4 percent stake in Kingway Brewery from Heineken-APB (China) Pte Ltd for about 1.08 billion yuan. [ID:nTOE72D00D] Analysts said the bid represented a high premium over Kingway's last trading price.
Kingway is jointly controlled by Asia Pacific Breweries Ltd (APB) , a unit of Singapore food and property conglomerate Fraser and Neave Ltd , and the world's third-largest brewer Heineken NV . ($1 = 6.548 Chinese Renminbi) (Reporting by Donny Kwok; Editing by Chris Lewis)

4 Apr. 2011

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