China. Kingway Brewery’s parent exercises right to buy stake from Heineken-APB China

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The board of directors of Kingway Brewery Holdings Limited said it has been informed by GDH Limited (GDH), the controlling shareholder of the company, that GDH has decided to exercise the pre-emption right in respect of the whole of the relevant shares on the same or equivalent terms as those Heineken-APB China (HAPBC) is proposing to sell the relevant shares to the potential purchaser under the conditional sale and purchase agreement (21.37%). GDH now owns 73.82 % stake in the company (formally 52.45%).

GDH will acquire the Relevant Shares at the total consideration of RMB1.08 billion (equivalent to approximate HK$1.28 billion), the company said. GDH is a wholly-owned subsidiary of Guangdong Holdings Limited. The attributable interest which Guangdong Holdings Limited has in the Company is held through GDH.