Budweiser Brewing at record low as tax charge, provision set to hit profit

By Reuters News

** Shares of Budweiser Brewing Company APAC 1876.HK slip 2.1% to HK$5.555, the lowest since their debut in September 2019

** The brewer says it expects to record a $52 million non-underlying withholding tax charge resulting from an internal restructuring involving some of its Chinese mainland subsidiaries to enhance capital efficiency

** Company also expects to make a provision of $30 million towards outstanding and overdue receivables for the supply of beer to a state beverages corporation in the Indian state of Telangana, for the three months ended in September

** Brewer says those will negatively affect its profit attributable to equity holders for the period

** YTD, Hong Kong stock down 26.6%, benchmark Hang Seng Index .HSI down 6.7%


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