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Kingway Brewery Rises After China Resources Says It Plans Bid

Kingway Brewery Holdings Ltd. (124), the Chinese company that has called for bids for its beer business, rose the most in a month in Hong Kong trading after China Resources (291) Enterprise Ltd. said it plans to make an offer.
The Guangdong-based brewery climbed 4.6 percent, the biggest intraday increase since Oct. 24, in the first minute of trading after the midday break, giving it a market value of about HK$4.66 billion ($601 million). China Resources, which was 2.3 percent higher as of 1:03 p.m., has no timeframe for its bid, Vincent Tse, a Hong Kong-based spokesman, said today, declining to provide further details.
Kingway put the assets up for sale in January as it lost market share in its home province to competitors including Tsingtao Brewery Co. (168) The company slumped to a loss in the first half as falling sales and rising costs wiped out profit margins.
Tse didn’t say whether China Resources was targeting the entire Kingway business, or just the beer operations.
China Resources’s venture with SABMiller Plc sells Snow, the No. 1 beer brand in China, which had a 22 percent market share last year, according to Euromonitor International, a London-based researcher.
23 Nov. 2012

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