AB InBev's Oriental Brewery buys Jeju Soju from Shinsegae

Quick Summary:

Oriental Brewery Co.(OB), a unit of the world’s largest beer company AB InBev, agreed on Wednesday to purchase Jeju Soju from Shinsegae L&B Co.in its foray into the traditional Korean distilled liquor market, the two companies said.

OB will then absorb the spirits maker, founded in 2011.In 2016, E-Mart Inc., a supermarket arm of Shinsegae Inc., acquired Jeju Soju for 19.0 billion won ($14.2 million) and has since poured 57.0 billion won into the loss-making soju maker.

In the domestic soju market, HiteJinro controls 59.8% under its flagship brand Chamisul, followed by Lotte Chilsung Beverage Co.with a 18% share, according to Korea Agro-Fisheries & Food Trade Corp.

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Article Details

Category: Economy

Markets: South Korea

Topics: Market Korean Jeju Food Beverage E-mart Soju Billion Shinsegae Largest Maker

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-11 @ 19:59:26 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 301 words

Reading Time: 2 minutes read

Sentences: 18 lines

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Copyright Owner: © Korea Economic Daily

News ID: 22457981

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