China Resources to acquire Kingway Brewery

File photo of a Snow beer pictured at a dining table in Huaibei, Anhui province. [Liu Huaiyu / Asianewsphoto]

China Resources Enterprise Ltd will acquire Shenzhen-based Kingway Brewery Co Ltd in July at the earliest, the Guangzhou Daily reported on Friday.

The newspaper said the acquisition will take effect in July or August, but that it still needs approval from the Ministry of Commerce.

This week, China Resources Enterprise - which owns the Snow Beer brand and is a subsidiary of China Resources (Holdings) Co Ltd - released its financial results for 2012.

Its turnover increased 14.6 percent year-on-year to HK$126.24 billion ($16.26 billion), and profit attributable to shareholders rose 30.9 percent year-on-year to HK$3.95 billion. Its underlying consolidated profit would have decreased 19.2 percent year-on-year to HK$1.53 billion.