E-Malt.com News article: 404

On November 5th, 2002, the Belgian brewer, Interbrew, announced the reaching of the agreement with Zhujiang Joint Stock Company on acquisition of 24% stake for a cash consideration of US$ 19.5 million.

This agreement follows the Memorandum of Understanding signed in Shanghai on 29 March 2002 in the presence of the Belgian Prime Minister Guy Verhofstadt and the Mayor of Guangzhou, Yuan He Lin, enhancing the longstanding relationship between the two companies.

With this deal Interbrew is strengthening its influence in China. Only on November the 1st, the company announced the acquisition of 70% stake in K.K. Brewery, based in China's eastern province of Zhejiang, for $42m.

Zhujiang Joint Stock Company is the China’s fifth largest and most profitable brewer per hl sold. Interbrew will be one on of the seven promoters in the transformation of Zhujiang into a Joint Stock Company. As a result, Interbrew will become the second largest shareholder in the company and have two seats in the Board of director of the company


06 November, 2002