Shanghai, July 25 - The Chinese venture of InBev NV has obtained regulatory approval for an initial public offering in China to raise about 1 billion yuan ($147 million), a person with direct knowledge of the situation said on Friday.
The preliminary approval, given by the China Securities Regulatory Commission in a morning meeting on Friday, allows Guangzhou Zhujiang Brewery Co, 28.6 percent owned by InBev, to sell up to 70 million shares.
The timing and location of the listing have not been determined, said the source, who declined to be identified.
Zhujiang Brewery, China's fifth-biggest beer maker, is seeking funds to expand as it competes with bigger rivals such as CR Snow and Tsingtao in the world's biggest beer market by sales.
InBev, set to become the world's biggest beer maker after agreeing to buy Anheuser-Busch Cos Inc (this month, competes with major foreign players such as SABMiller, Heineken and Carlsberg, which have also moved into China.