VALBY, Denmark, Jan. 21, 2002 (PRIMEZONE) -- Carlsberg Asia Ltd. acquires 8.4 percent of the share capital in Hite Brewery Co. Ltd. for approx. USD 68 million (approx. DKK 567 million) thus increasing its shareholding in the biggest South Korean brewery. The acquisition strengthens Carlsberg Asia's position as one of Asia's largest brewery groups.
The total control of the Hite share capital is now just above 25 percent. As of January 2002, Hite will be consolidated as an associated company.
The acquisition strengthens both Carlsberg Asia's position as one of Asia's largest brewery groups and the cooperation with the Park family. The Park family has controlled the company since its establishment in 1933.
The acquisition is part of Carlsberg Breweries' strategy to strengthen its position in Asia through the joint venture company Carlsberg Asia. Carlsberg Asia is under establishment and is 50/50 owned by Carlsberg Breweries A/S and Chang Beverages.
The Hite Brewery
Today, Hite is South Korea's biggest brewery with a market share of 54 percent. The company has been through an outstanding turn around since the Asian crisis of 1997/98 and its Korean management has secured Hite's position as the top earning drinks company in the country. In 2001 the production from its three modern breweries was approx. 9.5 million hectoliter's of beer.
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