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Japan's Asahi Group to sell stake in China's Tingyi-Asahi for 68.7 billion yen
June 30, 2017 / 9:21 AM / 6 months ago

Japan's Asahi Group to sell stake in China's Tingyi-Asahi for 68.7 billion yen

TOKYO, June 30 (Reuters) - Japan’s biggest beer maker Asahi Group Holdings Ltd said on Friday that it was selling its remaining stake in China’s Tingyi-Asahi Beverages Holding Co.

The 20.4 percent stake would be sold for 68.7 billion yen ($614 million) to its joint venture partner Tingyi (Cayman Islands) Holding Corp, Asahi said.

Asahi last year sold 10 percent of its stake to its joint venture partners.

The proceeds would be redirected to other foreign investments, the company said. Asahi has sealed $10 billion worth of deals to buy European assets from Anheuser-Busch InBev SA NV.

$1 = 111.8900 yen Reporting by Sam Nussey; Editing by Christian Schmollinger

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