SABMiller , the world's second largest brewer, moved to expand further in China on Tuesday by increasing its stakes to 100 percent in two brewers in the central Chinese province of Zhejiang for $47 million in cash.
The London-based group said its China Resources Snow Breweries Ltd (CR Snow) joint venture will acquire the remaining 55 percent stake in Hangzhou Xihu Beer and the remaining 25 percent interest in Huzhou Brewery from Japanese brewer Asahi .
SABMiller's joint venture with China Resources Enterprise Ltd will help consolidate CR Snow's position in Zhejiang province, one of the largest market in central China. The two brewery companies are in the north of the province where CR Snow is already the market leader.
CR Snow has a 21 percent share of the Chinese beer market with Snow being the largest beer brand in China.