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Asahi targets 20% debt reduction by 2019

Asahi Group Holdings Ltd. aims to slash its debt by 20% to ¥260 billion by December 2019 in a bid to gain a better foothold to launch acquisitions and spread growth outside Japan, the Nikkei Asian Review reported May 24.

The Japanese brewer expects free cash flow through fiscal year 2019 to turn positive and average over ¥140 billion a year, facilitating debt load paydown.

The company also intends to use proceeds from the ¥106 billion sale of its shares in China's Tsingtao Brewery Co. Ltd. to investors including Fosun International Ltd. to ease its debt load.

The beverage company's debt grew in 2016 and 2017 after a series of major beer brand acquisitions from Anheuser-Busch Inbev SA/NV, which include Pilsner Urquell, Peroni and Grolsch.

As of May 23, US$1 was equivalent to 110.03 yen.