Diageo increases stake in Hanoi Liquor18 June 2012Diageo has upped its stake in Vietnamese drinks firm Hanoi Liquor Joint Stock Company (Halico) after buying a further 10.62% of the company for $21.8 million. The move, which is expected to close on 24 June, increases Diageo's stake in the Vodka Hanoi owner to 45.2%. It is the second time in less than a year that Diageo has boosted its share of Hanoi Liquor after the company took its stake up to 30% in August. Diageo first signed a strategic partnership with the company in January 2011. The move is Diageo's latest attempt to expand its operations in emerging markets. “We are pleased to further participate in Halico’s growth potential and success by increasing our equity investment, which is an expression of our long term commitment both to Halico and to Vietnam,” Gilbert Ghostine, Diageo Asia Pacific's president. Diageo has invested recently in developing its emerging markets interests as the firm battles slowing sales in Europe. In May, the company announced that it had recorded double-digit growth in Latin America, the Caribbean, Asia-Pacific and Africa led by increased demand for premium whisky products. Diageo recently confirmed plans to build a new £1 billion malt whisky distillery in Scotland to feed growing demand from Chinese consumers and acquired Brazilian cachaca brand Ypioca for $453 million. | |
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