Carlsberg in joint venture with Singapore-based beverage company<\/p>\n
COPENHAGEN (Reuters): Danish brewery group Carlsberg said on
\nFriday it signed a joint venture agreement with Singapore-based
\nChang Beverage Company to form Carlsberg Asia Ltd, a 50-50 joint
\nventure.<\/p>\n
\"The joint venture will administrate and develop the two
\ncompanies' marketing and brewing activities in the Asia region,\"
\nCarlsberg said.<\/p>\n
Chang Brewery Company is an investor in breweries and
\ndistilleries in Asia and the Danish brewer is to funnel all its
\nAsian activities into the new joint venture operation.<\/p>\n
Carlsberg Asia is expected to have net turnover of
\napproximately $770 million in its first year operation, with net
\nprofit seen at around $100 million in 2001, it said.<\/p>\n
Through its own breweries and licensed operations, Carlsberg
\nAsia plans to brew 17 million hectolitres of beer in its first
\nyear of operation, with Carlsberg beer accounting for two million
\nliters of the total.<\/p>\n
\"Carlsberg has a long tradition of involvement in the region,\"
\nCarlsberg group managing director Michael Iuul said.<\/p>\n
\"Historically there have been only a few Asian markets with
\nsignificant beer consumption but today the situation is changing.
\nAsia is the fastest growing beer market in the world\".<\/p>\n
Carlsberg Asia's two biggest markets are seen as Thailand and
\nSouth Korea. Carlsberg beers are brewed by company breweries or
\nlicensees in 12 countries in Far-East Asia.<\/p>\n
The new company is to be established on January 1, 2001 with
\nhead office in Singapore and nominal share capital of $400
\nmillion.<\/p>\n
Carlsberg and Chang intend to float Carlsberg Asia within
\nthree to four years.<\/p>\n
In connection with the formation of Carlsberg Asia, Carlsberg
\nis to sell its 10 percent interest in Thai Breweries for $147
\nmillion.<\/p>",
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