15 May 2004 15:53
Turkish brewer in float plan
ByLine: Edmund Conway
IT MAY have the barest of connections with the UK, but Turkish brewer Efes yesterday confirmed it was planning to
list on the London Stock Exchange.
The company's international wing, Efes Breweries International, is 85pc owned by Turkish conglomerate Andalou,
is registered in the Netherlands, has breweries in Kazakhstan, Ukraine and Serbia, and sells most of its beers in
Russia.
However, the company said yesterday it was convinced that the best market for its shares would be London.
"Admittedly we sell only a fraction of beers in the UK, and we have no intention to change this," said a
spokesman. "However, we believe London's capital markets present the best opportunity for us to secure
investment."
The company brews a number of beers, most designed for the Russian market - now the fifth biggest in the world.
Analysts believe Russians are abandoning vodka in favour of lighter drinks. Although Russian beer consumption per
capita remains below European levels - at 51 litres a year compared with 75 litres in the EU - they believe this will
increase sharply as western influence pervades further.
Analysts expected the company to be valued around pounds 500m, although EBI refused to confirm how many new shares it
intended to sell. EBI had intended to list in the first half of the year, but yesterday chief executive Muhtar Kent
said: "I do not want to give exact timing."
[The Daily Telegraph] |
RUSSIA IN FACTS
