Asahi buys Tsingtao stake from Inbev

Anheuser-Busch Inbev has agreed to sell a 19.9% stake in Chinese brewer Tsingato to Ashai of Japan for US$667 million.

The Belgian multinational said the sale would unlock funds to repay debts incurred through last year's acquisition of Budweiser brewer Anheuser-Busch.

Ashai will become Tsingtao's second largest shareholder as a result of the acquisition, behind the Tsingtao Brewery Group.

Anheuser-Busch InBev is to retain a 7% stake in the Chinese company and said it had no plans to sell any more Tsingtao shares.

Chief executive officer Carlos Brito said: "Anheuser-Busch Inbev remains strongly committed to China, the largest beer marker in the world.

"Our operations in north east and south east China are a key platform for our global growth strategy.

"With strong local brands such as Harbin and Sedrin, and global brands such as Budweiser, we are well-positioned to benefit from the significant potential in this market."

The deal is subject to Chinese and Hong Kong regulatory approval but is expected to be completed before the end of March.

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