Russia: Renaissance Capital has cut its rating on Sun Interbrew. The broker reduced Sun Interbrew’s B shares, or voting stock, to “hold” from “buy” following the Belgian brewer’s buyout of SUN Trade from the venture 12 August. Renaissance said it maintained its ‘hold’ recommendation on non-voting A shares and kept target prices for both unchanged. “Uncertainty remains with regards to the future of SUN Interbrew’s minority shareholders,” Renaissance said in a research note. “Free float has fallen to 8.8% of total capital ... which is a negative development.”

14 August, 2004