E-Malt.com News article: 2880

Russia: SUN Interbrew Ltd, a leading brewer in Russia and Ukraine, announced on July 1 it sells Bavaria to brewery management. SUN Interbrew Ltd has made a decision to divest its stake (approx. 99%) in OJSC Bavaria, Saint-Petersburg, Russia (hereinafter “Bavaria”). This decision was taken in the context of a further optimization of the Company’s brewing footprint in Russia.

Given the responsibility felt for the employees of the brewery and in recognition of Bavaria’s historical value to the city of Saint-Petersburg, SUN Interbrew is selling Bavaria to the brewery’s management, which has expressed its intention to operate the brewery in the best interests of its staff and with full respect for city’s cultural heritage.

As part of a strategy to maintain a strong presence in the Saint-Petersburg region, SUN Interbrew and the Bavaria management have agreed that Bavaria will continue to produce certain products for SUN Interbrew for an agreed period of time.

Mr. Joseph Strella, Chief Executive Officer of SUN Interbrew, will maintain his seat on the Board of Directors of the Bavaria until the next annual shareholders’ meeting of the brewery.

SUN Interbrew Limited is the second largest brewer in Russia and the largest brewer in Ukraine. The company is a strategic partnership between Interbrew, one of the largest brewers in the world, and the SUN Group, which has operated in the region since 1958, and in the beer sector of Russia and the CIS since the early 1990s. The company's main brands are Stella Artois®, Beck's®, Staropramen®, Sibirskaya Korona ®, Klinskoye ®, and Tolstiak® in Russia, and Stella Artois®, Beck's®, Chernigivske®, Rogan®, Taller® and Yantar® in Ukraine. SUN Interbrew is a public company registered in Jersey, whose shares are listed in Luxembourg and traded on the Luxembourg, Frankfurt and Berlin stock exchanges.


02 July, 2004