China Resources Beer Holdings said on Tuesday its unit agreed to acquire a 55.19% stake in Chinese “baijiu” liquor maker Guizhou Jinsha Jiaojiu Winery Industry for about $1.7 billion, as it diversifies alcohol businesses with non-beer assets.
China Resources Wine Holdings Limited would boost capital in Jinsha Jiaojiu by 1.03 billion yuan ($141.70 million), after which it would hold 4.61% in the maker of “baijiu” – a pungent, colourless distilled spirit – and then buy another 50.58% stake for 11.27 billion yuan from Jinsha Jiaojiu’s existing shareholders, CR Beer said in a filing.
