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2006-10-3 07:02:00 p.m. HKT, XFNA
San Miguel Hong Kong unit to cease beer manufacturing ops in Guangzhou
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HONG KONG (XFN-ASIA) - San Miguel Brewery Hong Kong Ltd said its indirect
unit Guangzhou San Miguel Brewery Co Ltd (GSMB) has entered into an agreement
with its shareholder Guangzhou Brewery (GB) to halt GSMB's manufacturing
operations.
GSMB is owned 70 pct by San Miguel Guangdong Ltd, a unit of San Miguel
Hong Kong, and 30 pct by GB.
After the proposal is implemented, GSMB will cease to have manufacturing
operations but will continue to be engaged in the sale and distribution of
beer.
Under the agreement, GSMB agreed to pay to GB 32.2 mln yuan, and will
also sell the production facilities to GB for another 37.29 mln yuan.
GSMB had entered into a lease agreement with GB after the former was
established in 1990. Under the agreement GSMB agreed to lease the factory
buildings, brewery equipment and related facilities from GB for production
purposes.
San Miguel Hong Kong said it expects to record an estimated one-off loss
of 160.04 mln yuan as a results of the lease termination and asset sale.
(1 usd = 7.97 yuan)
roby.lau@xfn.com
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