Interbrew and Oriental Brewery signed the final agreement to purchase Jinro Coors in South-Korea

Leuven, 4 November 1999 - Today, the Oriental Brewery Co. Ltd., signed the purchase agreement to take over the Jinro Coors Brewery in Chungwon, South-Korea. Oriental Brewery, a joint venture of Interbrew and the Doosan group, has participated at the bidding process on the Jinro Coors Brewery. In July, the competent authority decided in favour of the bid of 454 billion Won of Oriental Brewery. Since then a due diligence and the final negotiation of the acquisition took place. The tentative closing date is December 1, 1999 after obtaining the regulatory approvals.

Jinro Coors is the third brewery of South-Korea with a market share of about 15 % and a production of about 2.4 million HL. Their most important brand is "Cass". The company name will be changed from Jinro Coors to Cass Brewery, and it will maintain its headquarters in Chungwon. Oriental Brewery confirms that they are to take over all employees of Jinro, as stated in its bidding proposal.

Through this operation, Oriental Brewery reaches a market share of about 48 % in South-Korea and a volume of about 7.5 million HL of beer/year.

Since Interbrew entered into the Korean market in 1998, the Korean economy has been recovering well and the GDP is now growing noticeable. By this new investment in Korea, Interbrew group is very pleased to be confirming its commitment to the country and to Asia.