Sector News

AB InBev to sell stake in Russian joint venture, faces $1.1bn hit

April 24, 2022
Food & Drink

AB InBev has announced that it plans to sell its non-controlling stake in its Russian joint venture AB InBev Efes.

The company is looking to divest the interest to its joint venture partner, Turkish brewer Anadolu Efes, and says that active discussions are underway.

AB InBev says it will report a $1.1 billion impairment charge in its first-quarter results as a repercussion of the sale.

According to Reuters, AB InBev has a 24% stake in Anadolu Efes. The companies formed the AB InBev Efes joint venture in 2018, combining their respective Russian and Ukrainian businesses.

AB InBev said in a statement: “Together with its partner, AB InBev continues to support its employees, their families and the humanitarian relief efforts in Ukraine. Support for its displaced employees and their families includes counselling, housing and financial support.”

The statement continued: “In addition to donating to NGOs and the relief organisation Caritas, AB InBev is working in partnership with them, other companies and local NGOs to provide food, blankets, medical supplies and 3 million cans of emergency drinking water to Ukraine and surrounding refugee relief areas.”

AB InBev’s decision to sell its stake in the Russian joint venture comes after similar moves from rivals Carlsberg and Heineken, which have also exited businesses in Russia.

By Lauren Ford

Source: foodbev.com

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