Kingway says controlling shareholder GDH to buy 21.4 pct stake

HONG KONG (Reuters) – Kingway Brewery Holdings Ltd (0124.HK: Quote, Profile, Research) said controlling shareholder GDH Ltd has exercised its right to buy a 21.37 percent stake held by a Heineken (HEIN.AS: Quote, Profile, Research) joint venture in China.

In a filing to the Hong Kong bourse, Kingway said GDH, a wholly-owned subsidiary of Guangdong Holdings Ltd, would buy the stake for 1.08 billion yuan ($164.94 million), increasing its holding in the Chinese brewer to 73.82 percent.

Last month, China Resources Enterprise Ltd (0291.HK: Quote, Profile, Research) said it would buy a 21.4 percent stake in Kingway Brewery from Heineken-APB (China) Pte Ltd for about $161 million.

(Reporting by Donny Kwok; Editing by Chris Lewis)

Kingway says controlling shareholder GDH to buy 21.4 pct stake