Chinese brewer to acquire balance 50% stake in venture for about $129.5 million

Tsingtao Brewery Co Ltd said on Monday that it is to buy the 50 percent stake it does not own in its loss-making joint venture with Japanese beverage conglomerate Suntory Holdings Ltd for 822.9 million yuan ($129.5 million) to boost efficiency.

The joint venture has run into rough weather as sales have stalled amid stiff competition in the Chinese market.