China Resources Beer plans $1.2 billion rights issue to fund stake purchase

July 6, 2016 2:31 AM

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China Resources Beer plans $1.2 billion rights issue to fund stake purchase

HONG KONG China Resources Beer (Holdings) Co Ltd (0291.HK) said on Wednesday it plans to raise HK$9.51 billion ($1.2 billion) via a rights issue to fund the purchase of SABMiller's (SAB.L) stake in their joint venture as well as expansion plans.

The Chinese brewer, which owns the Snow beer brand, plans to issue around 811 million rights shares at HK$11.73, a 30.76 percent discount to the previous close. Qualifying shareholders will be entitled to one rights share for every three shares held.

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