Kirin Holdings Co.
said Wednesday that it agreed to sell its entire 40% stake in the Chinese beverage joint venture it has with China Resources Enterprise Ltd. for about $1 billion.
The Japanese beverage company said it plans to sell the stake to Plateau Consumer Ltd., a Cayman Islands-based unit of Plateau Consumer Fund L.P.
Kirin said the sale is part of its business portfolio review and that its business tie-up in China with China Resources would continue.
Kirin said it will book an about 39.0 billion yen ($337.4 million) gain from the stake sale.