Tsingtao Brewery (HKG:0168) has made a further announcement in relation to the business JV framework agreement and sales JV framework agreement it has entered into with Suntory (China) Holding Co., Ltd..

Regarding the obtaining of 50% equity interest in the business JV company by Suntory, being a deemed disposal by Tsingtao Brewery, based on the audited net asset value of the target assets of the business JV company as at 31 December 2011, the net profit attributable to Tsingtao Brewery can be expected to be increased by RMB248 million (unaudited) after completion of the deemed disposal. However, as the deemed disposal does not comprise the whole of the JV transaction, the net profit attributable to the company can be expected to be increased by approximately RMB167 million (unaudited) in the JV transactions as a whole.

Source:chinesestock.org