Heineken to take extra 8.6% of Singapore brewer APB
THE HAGUE (AFP) - Dutch beer giant Heineken said on Wednesday it was buying a further 8.6 per cent of top Asian brewer Asia Pacific Breweries Limited (APB), meaning it will soon own over 90 per cent of the company.
"Heineken has entered into an agreement with Kindest Place Groups Limited (KPG) to acquire KPG's 22,207,130 shares in APB, representing 8.6 per cent of the total issued share capital of APB," a statement said.
The deal, to be completed not later than October 1, is worth around 740 million euros (S$1185 million).
The announcement came after Thai rival Thai Beverage and TCC Assets, both controlled by tycoon Charoen Sirivadhanabhakdi, agreed to support Heineken's bid to gain control of APB.