| Party-time (AFP)
Melbourne, Dec. 24 (AP): Australian brewing and wine company Fosterís expanded its interests in West Asia with the acquisition of a stake in a major Dubai-based alcohol sales, marketing and distribution business.
Fosterís said today its Brewing International division has acquired 40 per cent stake in African & Eastern Dubai and African & Eastern Oman, known as A+E.
The Australian company did not reveal the exact cost but said it was less than $ 18 million.
Fosterís spokeswoman Jo Ford said the acquisition was to protect and secure the interests the company already has in the region.
ďWe have had a 25-year history with A+E as our distributors over there. But this gives us the opportunity to secure management control over the company, and with that, greater control over those interests,Ē she said.
ďIt is in line with our business strategy of developing Fosterís Lager globally,Ē she added.
Ford said while the Muslim population of Dubai does not drink alcohol, the Gulf state has a large expatriate community.
Fosterís shares closed 4 cents lower at $ 4.53 on Monday.