Monday, 20 June 2011 2:50 PM

SolBrew Sells Majority Shares

Asia Pacific Breweries Limited (APB) announces the completion of the acquisition of 97.69% of the capital shares of the Solomon Island Breweries Limited for approximately $21.5 million.

The Chief Executive Officer of APB, Mr Roland Pirmez says that Solomon Breweries is a strategic fit to the APB Group as it begin to expand the Asia Pacific Breweries presence in the South Pacific.

Mr Pirmez says, the acquisition opens a new door of opportunity for his company to participate in yet another territory.

He admits that the robust distribution network, popular beer brands and goodwill of Solomon Breweries make APB a leader in this new market and create a new source of earnings for the Group.

Mr Pirmez explains, apart from an enhanced earnings base, there are regional synergies in cost management and commercial excellence that could be achieved with its operations in neighbouring Papua New Guinea and New Caledonia.

The diverse footprint of APB now include Singapore, Malaysia, Cambodia, China, Thailand, New Zealand, Laos, Vietnam, Papua New Guinea, Sri Lanka, Mongolia, Indonesia, New Caledonia and the Solomon Islands.