11 December 2003
Brest brewer to borrow $19 million for modernization
Brestskoye Pivo, the Brest-based brewer, wants to borrow $19 million from Priorbank for a modernization project it plans to launch next year.
The brewer has recently submitted its business plan to the Ministry of Economy for approval.
Russia's Ochakovo wanted to acquire 75 percent in Brestskoye Pivo earlier this year, promising to spend up to $25 million on an upgrade project that would enable the brewery to increase annual output to 5 million decaliters by 2006. However, the government refused to sell a controlling stake. Brestskoye Pivo saw its output rise to about 2 million in January through November 2003. Earlier this year, its brand
Belovezhskoye was picked up for the top award among 22 Belarusian and Russian beers by a jury that consisted of representatives of the Belarusian State Food Industry Concern (Belgospishcheprom) and the Ministry of Health. The success inspired the brewery to begin modernization to boost its output threefold, Oleg Kisel, director of Brestskoye Pivo, told BelaPAN. The brewery plans to master new light brands and beer mixes.
Under the Belarusian government's plan unveiled in March, its stake in Brestskoye Pivo, as well as in Krynitsa, Dednovo, the Slutsk Brewery and the brewery that is part of the Mogilyov regional food industry group, is to become trust stock controlled by Priorbank. The bank would lend a total of $61.5 million to these breweries in 2003-2005 to finance their
modernization.
http://brestonline.com/en/news/news485.html