Japanese brewer Asahi Group has today said it will sell its remaining 20.4% stake in Tingyi-Asahi Beverages Holding to its local partner Tingyi for $612 million.
The announcement follows on from the company’s decision last year to sell 10% of Tingyi-Asahi.
Asahi now aims to invest proceeds in Europe, where it acquired Anheuser-Busch’s operations in the Czech Republic, Slovakia, Poland, Hungary and Romania for €7.3 billion.
The company hopes to establish a ‘unique position’ as a global player using its strengths originating in Japan.
A statement said: “The company has also sought to continuously enhance corporate value through business portfolio restructuring with a focus on asset efficiency.
“To this end, the company has re-examined its investment in equity-method affiliate TAB and decided to sell its entire equity stake.”
Tingyi-Asahi was set up as a joint venture in 2004 as Asahi looked to boost its operations in China.
© FoodBev Media Ltd 2020