June 30, 2017 / 10:07 AM / 2 months ago

UPDATE 1-Japan beer maker Asahi to sell Chinese JV stake for $612 mln

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TOKYO, June 30 (Reuters) - Japan's Asahi Group Holdings Ltd on Friday said it will sell its remaining 20.4 percent stake in Tingyi-Asahi Beverages Holding Co Ltd to Chinese joint venture partner Tingyi (Cayman Islands) Holding Corp for $612 million.

The brewer, known for Japan's best-selling "Super Dry" beer, sold 10 percent of the venture last year as it reshuffles its business portfolio.

Proceeds would be used for other foreign investments, Asahi said.

Asahi has spent billions buying European assets from Anheuser-Busch InBev NV. It is expanding beyond its domestic market as alcohol consumption declines along with changing demographics.

The brewer also said it was still reviewing its 20 percent stake in Tsingtao Brewery Co Ltd , China's second-largest brewer by volume. (Reporting by Sam Nussey; Editing by Christian Schmollinger and Christopher Cushing)

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