Chongqing Brewery To Transfer Asset Management Company

Date:2011-09-07lile  Text Size:

September 6 – Chongqing Brewery Group asked for 2.39 billion yuan to sell its Chongqing Brewery Group Asset Management Limited, reports, citing the Chongqing United Assets and Equity Exchange.

On August 2, the group transferred its stake in seven subsidiaries to Chongqing Xinghui Investment Company, which was controlled by Carlsberg.

The asset management firm, which was founded in July 2011, had a book value of 1.1 billion yuan and appraised value of 1.33 billion yuan. The book value of net assets hit 510 million and the appraised value of net assets hit 738 million yuan while total debt amounted to 588 million.

Chongqing Brewery incurred operating losses of 208 million yuan with no revenues in 2010. It did not disclose its intentions behind the sell-off.

However, it did say that the buyer should be a reputable firm that sold no less than three million kiloliters of beer in 2010, the source said.

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