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Dow Jones Newswires: Kirin Holdings to sell 40% of its stake in China beverage joint venture for $1 billion

Kirin Holdings Co.
2503,
+0.61%

said Wednesday that it agreed to sell its entire 40% stake in the Chinese beverage joint venture it has with China Resources Enterprise Ltd. for about $1 billion.

The Japanese beverage company said it plans to sell the stake to Plateau Consumer Ltd., a Cayman Islands-based unit of Plateau Consumer Fund L.P.

Kirin said the sale is part of its business portfolio review and that its business tie-up in China with China Resources would continue.

Kirin said it will book an about 39.0 billion yen ($337.4 million) gain from the stake sale.

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