28 October, 2005

Byelorussia: EBRD bought a stake of 30% in Olivaria Brewery

The European Bank for Reconstruction and Development became the a shareholder of Byelorussia’s “Olivaria Brewery ”, Nikolai Dudko, the Olivaria’s director told BelTA on October 25.

European Bank of Reconstruction and Development bought and additional issue of shares and now the EBRD owns 30 per cent of the shares. Before all shares of the company were owned by natural persons.

The additional issue of the company’s shares was registered last week. The issue was in the amount of 25,7 thousand common registered shares at the nominal value of Br349 thousand at the sum of Br8,97 billion. Thus the authorized fund was increased from Br20,9 billion to Br29,9 billion.

Nikolai Dudko said that the proceeds from the sale of shares will be used for the brewery’s modernization.

The company started beer production in 1864. In 1994 the company was reorganized into JSC “Olivaria Brewery”. At present the company manufactures 8 beers. The company’s capacity makes 4 million kiloliters of beer per year. In 2005 “Olivaria” is set to produce 2,7 million kiloliters of beer. In January-September 2005 the company’s output reached 1,984 million kiloliters.

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