APB’s subsidiary in New Zealand diversifies revenue streams
Dated: 5 June 2008
Asia Pacific Breweries Limited’s (APB) wholly-owned subsidiary in New Zealand, DB Breweries Limited (DB), has announced the incorporation of two new joint venture companies - Barworks Group Limited (Barworks) and Sale Street Brewery Co. Ltd (Sale Street Brewery).
Barworks is a partnership between DB and JAG Hospitality Ltd (JAG), a leading New Zealand bar operator.
DB will inject approximately NZ$2.5million ($1.95 million) for its 60% stake in Barworks while JAG will invest some NZ$1.7 million for its 40% share in the company.
For its 60% stake in Sale Street Brewery, DB is investing NZ$528,000 while its partner, Curdall Investments Ltd (Curdall) will pump in NZ$352,000 for a 40% shareholding in the bar and microbrewery on-premise outlet in Auckland.
Barworks will manage several food and beverage outlets in New Zealand.
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