Broo shares spike on deal news
Shares in ASX-listed brewer, Broo Limited, jumped 17 per cent on the back of an announcement that its Chinese contract brewer will also distribute the brand.
Jinxing Beer Group was named as the local manufacturer of Broo Premium Lager in the prospectus for Broo Limited, which successfully completed an Initial Public Offer in October.
Jinxing has now agreed to offer Broo to its nationwide Chinese distribution network, the Australian company informed the ASX today.
“I am thrilled and humbled by this new development; it is literally a game changer and will dwarf our original sales expectations,” commented CEO Kent Grogan.
“It provides Broo with enormous reach and platform to compete with the largest International brands currently available in China.”
Broo shares jumped to 41c on the news, having opened trading at 35c. At the time of writing, they have settled at 39c.