CBI member Diageo recently
announced that it had received approval from Chinese authorities to acquire the
remaining 47% stake in Sichuan Chengdu Shuijingfang Group Co. Ltd. (SJF HoldCo)
owned by its Chinese partners.
As a result, SJF HoldCo will be converted from a joint venture into a wholly
foreign-owned enterprise owned by Diageo. On completion, Diageo's indirect
interest in the Shanghai-listed company Sichuan Shuijingfang Co. Ltd.
(Shuijingfang) will rise from 21.05% to 39.71%. The total consideration for the
47% of SJF Holdco will be approximately £233 million.
Gilbert Ghostine, President of Diageo Asia Pacific, said, "I am delighted
to have gained approval from the Chinese authorities to acquire the rest of our
Chinese partners' interest in SJF HoldCo. This is a milestone in the journey we
began with our partners six years ago. As the controlling shareholder in
Shuijingfang, Diageo will continue to work with the senior Chinese management
to build Shuijingfang into the leading international baijiu brand. I have every
confidence in the long-term future of the baijiu category in China."
Please click here
to read the full press release by Diageo.
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