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SABMiller PLC - Offer for Harbin

RNS Number:2926Y
SABMiller PLC
05 May 2004


          SABMiller Announces Offer for Harbin Brewery Group Limited

Hong Kong, 5th May 2004 -- SABMiller plc, one of the world's largest brewers,
has announced an offer for the entire issued share capital of Harbin Brewery
Group Limited ('Harbin') of HK$ 4.30 in cash per share.  SABMiller currently
owns approximately 29.4% of Harbin and this offer is conditional upon
acceptances of the offer resulting in SABMiller holding more than 50% of the
issued share capital.

The offer price of HK$4.30 per share represents a premium of approximately 33.3%
to the price of HK$3.225 per share as quoted on Friday, 30th April, the last day
before trading in Harbin's shares was suspended.  The offer price also
represents a premium of approximately 23.5% and 26.0% over the weighted average
price of the Company's shares during the last thirty days and the last six
months prior to the suspension of trading, of HK$3.483 and HK$3.412
respectively.  Based on the audited consolidated financial statements of the
Group as at and for the year ended 31st December 2003, the offer price
represents a price to earnings multiple of approximately 37.7 times the fully
diluted consolidated earnings per share of the Company of approximately HK$0.11
and a premium of 303.2% over the Company's net asset value per share of
approximately HK$1.07.

Graham Mackay, Chief Executive of SABMiller said: 'We believe this offer
represents excellent value to Harbin's shareholders and a powerful strategic fit
with our existing joint venture operations in North East China.  Harbin provides
SABMiller with the opportunity to enhance its local brand portfolios to the
benefit of consumers, and further develop our regional leadership.  Moving to a
majority ownership position is a natural progression in our commitment to China
and its strongly growing brewing sector. Majority ownership and commitment by
SABMiller will ensure a successful future for Harbin.

'The offer is fully supported by our partner, China Resources Enterprise,
Limited and opens potential opportunities to explore and take advantage of
further co-operation with our existing joint venture China Resources Breweries.'

SABMiller's successful investment strategy in China spans a period of more than
10 years.  SABMiller is one of the leading brewers in China, with interests in
30 breweries in North East and Central China.

Anglo Chinese is the financial advisor to SABMiller on this transaction.

Ends


Notes to editors

SABMiller plc is one of the world's largest brewers, with major brewing and
distribution operations in America, Africa, Europe and Asia. It has a brewing
presence in over 40 countries and some 45,000 employees. In the year ending 31
March 2003, SABMiller generated US$770 million pre-tax profit from turnover of
US$9.1 billion.  The company is listed on both the London and the Johannesburg
stock exchanges.  SABMiller, through its joint venture, China Resources
Breweries, operates (30) breweries in (9) provinces in China with total volumes
of over 27 million hectolitres in the year ended 31 March 2003.  It entered the
China market in 1994 and is one of the few profitable foreign brewers operating
in China.

This announcement is available on the company website. www.sabmiller.com

For more information, please contact:

SABMiller plc
Sue Clark
Director of Corporate Affairs               + 44 20 7659 0184

Gary Leibowitz
Vice President, Investor Relations          + 44 7717 428 540

Nigel Fairbrass
Head of Corporate Communications (Finance)  + 44 7799 894 265

Burson-Marsteller
Katherine Khoo                              + 852 2963 6728  or  + 852 9457 1746

Stephen Thomas                              + 852 2963 6705  or  + 852 6194 9013


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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