August 22/Shanghai/Press Release -- Kirin Holdings Company Ltd. and China Resources Enterprise Ltd. have proceeded with the preparation to establish a joint venture and completed the procedures, which was announced in the previous news release "Kirin and China Resources Enterprise, Limited agreed to establish a Non-Alcohol Beverage Joint Venture in China" dated January 24, 2011.

Through a series of procedures, China Resources Kirin Beverages (Greater China) Company Ltd. has been established with 40% and 60% shares held by Kirin and China Resources Enterprise respectively. Accordingly, Kirin's stake in each of its subsidiaries, Shanghai JinJiang Kirin Beverage & Food Co., Ltd., Kirin Beverage (Shanghai) Co., Ltd., Shanghai Kirin Beverage & Food Co., Ltd., Beijing Flying Kirin Beverage Co., Ltd., will be soon transferred to under China Resources Kirin Beverages Group.

At the new joint venture, excellent synergy will be created by the combination of Kirin Group, with its strengths in product development, technology, and research/marketing, and China Resources Enterprise, with its strong business franchise in the nation including logistics and sales network. By exploiting full potential of the synergy, the joint venture will speed up its foray into new product categories and new markets throughout China, aiming to become a leading player in this rapidly growing market.


From the August 22, 2011, Prepared Foods' Daily News.