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Tsingtao says to cut 2009 capex to 900m yuan

(Agencies)
Updated: 2009-04-14 18:41

Tsingtao Brewery Ltd, China's best-known beer brand, said on Tuesday it will cut its capital spending to 900 million yuan ($131.8 million) this year from 2 billion yuan in 2008.

The company, which ranks as the second biggest brewer by volume on the mainland, had pledged to improve sales growth in 2009 as China's fiercely competitive beer market suffers from overcapacity.