22 May, 2005

Russia: Vityaz Brewery meets its new owner

Ulyanovsk-based beer maker, Vityaz Brewery, held on May 17 the shareholders’ annual meeting with the participation of the new owner of the controlling stake in the brewery, Nikolai Morozov.

The brewery has a production capacity of 70 million liters of beer a year. Last year they produced 15,320 liters of beer, down 43.5% from the previous year.

Nikolai Morozov, chairman of the board of directors of Moscow's Astoria Group, has recently become the owner of 75.98% of Ulyanovsk-based Vityaz Brewery, according to Interfax. A corresponding note was put into the shareholders' register on April 27. The amount of the deal is not being disclosed. Both Astoria Group and Morozov "have specific experience in brewing," the source
said.

In October 2004 a number of individual shareholders that owned a combined 75.98% of Vityaz put up for sale a controlling stake. A source told Interfax then that the new owner of the shares is expected to attract investments for development, since current shareholders do not have enough resources to refurbish the brewery.

Potential buyers had the opportunity to become more fully acquainted with the state of the plant, after which the contenders had to come up with a final purchase offer for the shares, including the price and additional terms. The transaction was postponed several times, which was due to a desire from investors "to more fully work out all the details of the upcoming agreement," the source said.

Vityaz Brewery has charter capital of 50,178 rubles, divided into 16,726 common shares with a par value of 3 rubles. The brewery produced 15,320 liters of beer in 2004, down 43.5% from the previous year. The plant has production capacity of 70 million liters of beer a year.

The national company Astoria Group was set up on March 10, 2004, the company said on its website. The company develops the infrastructures of large Russian cities by building and then launching multifunctional shopping, entertainment and hotel complexes, the company said.

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