• By The Financial District

Budweiser Brewer AB InBev Selling Its Stake In 11 Russian Breweries

Anheuser-Busch InBev said it would sell its stake in Russian joint-venture AB InBev Efes which will result in a $1.1 billion impairment charge in its first quarter results, Reuters reported.


Photo Insert: AB InBev also said it had introduced Chernigivske, Ukraine's most popular beer brand, to many countries and guaranteed that "All profits from the sale of Chernigivske will go to support humanitarian relief efforts."



The announcement by the world's largest brewer, based in Belgium, comes after similar moves from its rivals Carlsberg and Heineken.


In March, AB InBev (BUD) suspended sales of its Budweiser brand in Russia and forfeited financial benefit from its Russian joint venture, following the lead of other major brewers in reaction to Russia's invasion of Ukraine, which Moscow dubs a "special operation."



"AB InBev today announced that it will sell its non-controlling interest in the AB InBev Efes joint venture and is in active discussions with its partner, Turkish brewer Anadolu Efes, to acquire this interest," AB InBev said in a statement.


AB InBev also said it had introduced Chernigivske, Ukraine's most popular beer brand, to many countries, including Britain, Germany, Belgium, France, and the Netherlands.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

"All profits from the sale of Chernigivske will go to support humanitarian relief efforts," AB InBev guaranteed.


AB InBev has a 24% stake in Anadolu Efes, part of its 2016 purchase of its next largest rival SABMiller. They formed the AB InBev Efes joint venture in 2018, combining their respective Russian and Ukrainian businesses.


Business: Business men in suite and tie in a work meeting in the office located in the financial district.

The joint venture has 11 breweries in Russia, employing 3,500 people, and three in Ukraine, employing 1,800. Carlsberg is the leading Western player in Russia, followed by AB InBev.


The Danish brewer said on Thursday its decision to sell its business in Russia would result in a writedown of about $1.39 billion. Dutch rival Heineken has said its Russia exit would amount to related charges of about 400 million euros ($434 million).



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