Kirin Holdings Company, Limited is selling its China soft drinks joint venture an investment fund, the Japanese beer and beverage maker said today. Plateau Consumer Fund L.P. signed a share purchase agreement to acquire 40% stake in China Resources Kirin Beverages (Greater China) Company Limited from Kirin for JPN 115 billion (USD 994 million).
The joint venture was established in 2011 in Kirin's vision to become a leading company in Asia and Oceania in the area of food and health. “Through the establishment of the joint venture, Kirin Group will further strengthen the foundation of non-alcohol beverage business in China to accelerate the expansion and development,” Kirin said at that time.
“Over the past 10 years, China Resources C’est bon Beverage has been expanding its business over China,” the company said now in its statement. “Although the company has achieved steady growth primarily in water business, Kirin has entered into an agreement to transfer its equity in CR China to Plateau after careful consideration, including from the perspective of balance sheet portfolio management as set forth in the 2022 Medium-Term Business Plan. After completion of the transfer of shares, business alliance including intellectual property licensing with China Resources Group for soft drink business in China will continue,” the statement continues.