China Resources Enterprises Ltd. has been strengthening its beer business when it expands the retail business gradually. On March 8, the Hong Kong-listed company announced that its 51% held subsidiary had reached an agreement, intending to spend a total of CNY 63 million or about HKD 71.82 million purchasing a 10% stake in China Resources Snow Breweries (Binzhou) Co. in cash. After the move, the Binzhou-based company will turn into a wholly-owned subsidiary under the buyer.The Binzhou-based company, a Sino-foreign joint venture in which the buyer holds a 90% stake in March 2009, has registered capital of CNY 180 million. The joint venture was established for acquiring a beer brewery in Binzhou City, Shandong Province, east coastal Province and related beer business. After the assets acquisition, China Resources Snow Breweries (Binzhou) has conducted technical upgrade for production equipment it purchased, mainly engaging in the production and sale of China Resources Snow-branded beer in BInzhou and nearby.
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