Skip to content

FBG`s ann:Sells remaining interest in Beswick P/L

Document date:  Fri 18 Dec 1998
Published:  Fri 18 Dec 1998 00:00:00
Document No:  120440
Document part:  A
Market Flag:  N
Classification: 

FOSTER'S BREWING GROUP LIMITED                1998-12-18  ASX-SIGNAL-G

HOMEX - Adelaide                                                      

+++++++++++++++++++++++++
Foster's Brewing Group Limited (Foster's) announced today that it had
reached agreement to sell its shareholding in Beswick Pty Ltd
(Beswick) for $73.6 million, Foster's holding carried a 2.7% economic
interest in the venture.

The arrangement to sell Foster's interest back to Beswick is subject
to approval by BHP shareholders at a general meeting which will be
convened for February 1999.

Foster's President and Chief Executive Officer, Mr Ted Kunkel, said,
"The sale represents a positive outcome for Foster's shareholders,
particularly as Beswick is a non core asset and does not deliver an
appropriate return."

Beswick was set up in 1988 and had three shareholders, Foster's, BHP
and ANZ Executors and Trustee Company. In 1994, Foster's sold 80% of
its interest in Beswick for $245 million leaving a residual
investment of $73.3 million. The sale of Foster's remaining interest
in Beswick will complete Foster's exit from that company.

Funds from the sale will be used to repay debt and will reduce
gearing from 41% to 38%.

For more information contact:

G Willersdorf 
SENIOR VICE PRESIDENT 
FOSTER'S BREWING GROUP 
Tel: (03) 9633 2073 
Mob: 0418 288 400

                                                                                                       1