AB InBev Asia files for Hong Kong IPO

The Asia business of Anheuser-Busch InBev (NYSE:BUD), which makes up 18% of group volume, has filed a draft prospectus for a Hong Kong IPO that could be valued at a minimum of $5B.

AB InBev aims to spin off the business to reduce its net debt, which stood at $102.5B at the end of December, a figure inflated by its late 2016 purchase of nearest rival SABMiller for around $100B.

It wants to bring its net debt/EBITDA ratio to around 2x from a multiple of 4.6 at the end of last year, and has halved its proposed dividend and said payouts will only grow slowly to achieve that result.

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