Asia Pacific Breweries (APB): says it has received a letter from China Resources Snow Breweries (the Purchaser) purporting to terminate the proposed sale of Jiangsu Dafuhao Breweries (DFH) wef from 27 Feb ’12, on the basis that the transaction cannot take place in light of the Summons.
Recall, DFH had served a summons on an APB JV (Heineken-APB China, or HAPBC), claiming that the transfer of stakes in its shares to CRSB is invalid.
DFH is a 49/51 JV btwn HAPBC and Nantong Fuhao Alcohol Industry.
In Jul ’11, APB said the combined sale of DFH and Shanghai Asia Pacific Brewery Co was valued at Rmb 870, and would allow APB to record its share of gain on disposal of ~S$23.3m.
More importantly, the sale is part of APB’s strategy to focus on the mktg and pdtn of its int’l premium brands (Tiger and Heineken) in China.
APB share price rose ~3% since 21 Feb through to yday, when it announced last wk that the proposed transaction was unconditionally approved following anti-monopoly examination by the relevant PRC authorities.
APB does not agree with CRSB’s view, and is seeking legal advice.
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