China Resources may consider biz spin-off
Updated: 2009-11-28 07:05
(HK Edition)
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HONG KONG: Consumer sector-focused China Resources Enterprise said on Friday it may consider spinning off its beer and supermarket businesses in the future but no timetable had been set.
"It can be five years and it can also be 10 years. It all depends on how the businesses grow," Frank Lai, chief financial officer, told reporters. He gave no further details.
In October, the Chinese conglomerate said it aimed to focus on the rapidly growing mainland consumer market through an asset swap with a major shareholder, in a deal valued at nearly HK$5 billion ($645 million).
The conglomerate will transfer its interest in a textile division and two container terminal operations in Hong Kong and the mainland's Yantian to its major shareholder in exchange for a hypermarket chain and a brewery in Shandong.
Reuters
(HK Edition 11/28/2009 page5)