Carlsberg sells remaining stake in Hite Brewery
This divesture is consistent with Carlsbergs on-going commitment to free-up invested capital from minority positions where there is no clear path to control.
14/06/06 Carlsberg announces the placement in the market of its 13.1% stake in Hite Brewery Ltd. Co. South Korea (“Hite”). Carlsberg has effectively sold 2,523,251 shares for a net cash consideration of approximately DKK 1.3 bn. Following the sale of the shares a pre tax gain of approximately DKK 600 m will be booked as a special item.
Following completion of this sale Carlsberg ends a seven year long and value creating involvement as a minority shareholder in Hite. This divesture is consistent with Carlsbergs on-going commitment to free-up invested capital from minority positions where there is no clear path to control.
The profit after tax from this transaction will be approximately DKK 440 m. This was not included in the financial outlook for 2006 as stated most recently in the first quarter report dated 10 May 2006. Consequently, the gain from the sale of the shareholding leads to Carlsberg raising expectations for 2006 net profit to approximately DKK 1.65 bn.
