Thai Beverage said on Tuesday that International Beverage Holdings (China), or IBHC, and third-party China-registered Asiaeuro Wines & Spirits (Shenzhen), or AE (SZ), incorporated a joint venture in China called Asiaeuro International Beverage (Guangdong), or AIB (GD).
“AIB (GD) will principally engage in sales and distribution of alcoholic beverages, coffee products and other related businesses in the P.R.C.,” it said in a filing to SGX after the market close on Tuesday. “Initially, the primary focus of AIB (GD) would be the importation, sales and distribution of premium international wines and spirits which include spirits in the ThaiBev group.”
IBHC is a direct wholly owned subsidiary of International Beverage Holdings Ltd., which is a direct wholly owned subsidiary of Thai Beverage, ThaiBev has said previously.
AIB (GD) has a registered capital of 50.20 million yuan, with IBHC holding 51 percent of the equity interest after contributing 25.60 million yuan in capital, while AE (SZ) holds 49 percent, ThaiBev said.
The joint venture company will be an indirect subsidiary of Thai Beverage, it said.
The plan to launch the joint venture was initially announced in June, it noted.
The investment in AIB (GD) was funded internally and isn’t expected to have any material impact on ThaiBev’s earnings per share and net tangible assets for the current financial year, it said.