Diageo, the world's leading premium drinks business, announces that the Korean National Tax Service has issued a new importation license to Diageo Korea, effective immediately. Diageo will transition the business from Sooseok, who have acted as third party distributor for Diageo's brands since 26 July 2007,and expects to be fully operational from 3 March 2008. Stocks currently held by Sooseok and previously sold to the distributor by Diageo will now be transferred
back to Diageo.
In granting the new license the Korean authorities have included a condition which specifies that by 1 April 2010 a minimum of 50% of Diageo's total scotch whisky sales volume must be bottled in Korea. Diageo will seek to engage the industry and review this requirement with the Korean authorities.
-ends-
About Diageo
Diageo is the world's leading premium drinks business. With its global vision, and local marketing focus, Diageo brings to consumers an outstanding collection of beverage alcohol brands across the spirits, wine and beer categories including Smirnoff, Guinness, Johnnie Walker, Baileys, JeB, José Cuervo, Captain Morgan and Tanqueray, and Beaulieu Vineyard and Sterling Vineyards wines. Diageo trades in some 180 countries around the world and is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE). For more information about Diageo, its people, brands and performance, visit us at www.diageo.com