Sapporo Breweries said on July 6 it will invest about US$643 million (roughly RM2.6 billion) to acquire a 25% stake in a joint venture with Danish brewer Carlsberg covering Southeast Asia and Hong Kong markets [1, 2, 3, 4]. Carlsberg will hold the remaining 75% ownership in the joint venture, which will be based in Singapore and is set to launch in December 2026 [1, 4].
The joint venture expands an existing partnership that began in 2024 between the two firms. Previously focused on Malaysia, Hong Kong, and Singapore, the new venture will also include Vietnam, Laos, and Cambodia [1, 4, 5]. Sapporo will grant the joint venture a long-term license for its Sapporo Premium Beer brand and aims to increase sales in these markets to about 10 times their 2025 levels by 2035 [1, 4, 5].
Sapporo expects the joint venture to provide diversified revenue from dividends, royalties, and manufacturing income. The Southeast Asian and Hong Kong beer markets targeted by the venture are projected to grow roughly 5% annually [1, 4, 5].
The investment aligns with Sapporo’s strategy after deciding in December 2025 to sell its real estate business, including Yebisu Garden Place, and allocate ¥300 billion to ¥400 billion from the sale for growth investments including acquisitions [5]. Hiroshi Tokimatsu, Sapporo President, described the joint venture as “a strategic option to realize business growth more speedily and efficiently” [5].
The joint venture is scheduled to be established in Singapore by December 2026, marking the next step in the companies’ expanding collaboration across the region [1, 4].
