Foster's wine division aims Penfolds brand growth in China

Treasury Wine Estates , the wine business spun-off by Foster's Group , aims to grow in China with sales of its premium Penfolds brand, its chief executive said on Tuesday. 

"Penfolds in China is a tremendous opportunity for us," Chief Executive David Dearie told reporters ahead of Treasury Wine Estates' listing on the Australian Securities Exchange. 

UBS forecast Treasury Wine shares would trade between A$3.00 and A$3.50 a share, based on the group's tangible book value of A$1.97 billion and a private equity bid worth up to A$2.5 billion which Foster's rejected last year.

Dearie said the high Australian dollar remained a challenge to the business, making it harder to sell Australian wine overseas, but the new management team was focused on improving its position in existing markets as well as doing better in new markets such as China.