Support The Moscow Times!

EBRD Exits Efes Brewery

The European Bank for Reconstruction and Development  pulled out of its equity investment in Moscow Efes Brewery and converted it into a seven-year loan, the EBRD said Monday.

The parent company, Efes Breweries International, acquired 8.76 percent of the shares in the Moscow Efes Brewery from the EBRD and thus became the 99.73 percent owner of this asset.

The two sides then agreed to convert the value of the shares into a seven-year loan to Efes Breweries International with a nominal value of $43 million.

 "The new loan will allow the funds that would otherwise be paid to the Bank, to be used to provide capex and working capital to the local subsidiaries of Efes Breweries International," said Gilles Mettetal, director of the EBRD's agribusiness sector.

(MT)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.