London, UK--(Marketwire - February 27, 2008) -
27 February 2008
Diageo receives new importation license in Korea
Diageo, the world's leading premium drinks business, announces that the Korean
National Tax Service has issued a new importation license to Diageo Korea,
effective immediately. Diageo will transition the business from Sooseok, who
have acted as third party distributor for Diageo's brands since 26 July 2007,
and expects to be fully operational from 3 March 2008. Stocks currently held by
Sooseok and previously sold to the distributor by Diageo will now be transferred
back to Diageo.
In granting the new license the Korean authorities have included a condition
which specifies that by 1 April 2010 a minimum of 50% of Diageo's total scotch
whisky sales volume must be bottled in Korea. Diageo will seek to engage the
industry and review this requirement with the Korean authorities.
ENDS
Media enquiries - Ian Wright 020 7927 5302
Investor Relations - Catherine James 020 7927 5272
This information is provided by RNS
The company news service from the London Stock Exchange