Danish brewing force, Carlsberg A/S, announced on 30 June 2004 that IØ acquires shares in Carlsberg breweries in Serbia and Bulgaria. In connection with Carlsberg’s decision to make an offer for the Serbian brewery Pivara Celarevo AD during the autumn of 2003 The Investment Fund for Central and Eastern Europe (IØ) promised to become shareholder once Carlsberg had gained full control over Pivara Celarevo, according to Carlsberg’s press release. Today, Carlsberg owns 99.9 per cent of the brewery and therefore IØ will acquire 20 per cent of the share capital in the Serbian brewery at a price of DKK 93.3 million.

Furthermore, Carlsberg and IØ have agreed that IØ also shall acquire 20 per cent of the share capital in Carlsberg Bulgaria AD at a price of DKK 56.1 million. Carlsberg’s two Bulgarian breweries - Pirinsko Pivo AD and Shumensko Pivo AD - are in the process of being merged into one single company named Carlsberg Bulgaria AD. The total income of DKK 149.4 million will not have any effect on Carlsberg’s financial results but improve the company’s cash flow. Furthermore, the selling of shares gives Carlsberg a possibility to rely on upon IØ’s extensive experience from other investments in Central and Eastern Europe.

02 July, 2004