The stake will be sold for 1.08 billion yuan ($160 million), according to a statement released by Kingway on the Hong Kong stock exchange web site today. Kingway said the sale is conditional on GDH Ltd. waiving a pre-emption right to acquire the shares.
The statement didn’t identify the buyer. China Resources Holdings Ltd. has agreed to buy the stake in the beer maker, according to data on the Hong Kong exchange web site yesterday.
China Resources agreed to pay 44.1 cents a share on March 9, according to the Hong Kong stock exchange data. The shares last traded at HK$2.30, equivalent to 30 U.S. cents, on March 9.
Kingway owns seven breweries in China, according to its web site. The brewer has applied to resume trading in Hong Kong on March 14 after trading was suspended on March 9, according to today’s statement.
To contact the reporter on this story: John Duce in Hong Kong at Jduce1@bloomberg.net