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Asahi to reduce its Foster's stake.

Japan's Asahi Breweries Ltd. moved to cut its stake in Foster's Brewing Group Ltd. of Australia by selling off a portion of its entitlements for a share-rights issue, according to a report in the Wall Street Journal.

Asahi holds a 20-percent stake in Foster's, and is the company's second-largest shareholder.

At Asahi's headquarters in Tokyo, an official in the company's international finance department declined to confirm whether Asahi had started to sell its rights. Nevertheless, an analyst close the transactions reported that two large Foster's share parcels were sold by Asahi and placed with investment institutions.

Based on its current shareholdings, Asahi has up to 183 million entitlement rights. Its recent sales represented about 35 percent of those entitlements, and analysts expect the brewer to retain a 17-percent stake in Foster's.
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Title Annotation:Asahi Breweries Ltd.; Foster's Brewing Group Ltd.
Publication:Modern Brewery Age
Date:Nov 2, 1992
Words:131
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