26 July, 2006

Slovak Republic & Czech Republic: Czech group PMS to acquire minority stake in Slovak brewer Steiger

The Moravian group PMS has acquired a minority stake in Slovak brewer Steiger Vyhne in a sale of shares of East Fund Management (EFM) to the London-based Endemit, Slovak daily Pravda said July 22, CTK released July 23.

Former majority owner Eduard Rada has also offered some of his shares for sale, Pravda wrote. "We had an agreement with EFM that if it sells its stake I have to offer a part of my shares as well," the daily cites Rada. Stakes owned by the individiual shareholders were not specified though. Rada privatised the oldest Slovak brewery in 1993 and borrowed money from the European Bank for Reconstruction and Development.

Last year, Steiger produced about 170,000 hl of beer, the highest amount among small brewers in Slovakia. PMS Prerov saw gross profit fall by Kc179,000 to Kc100,000 last year. Total assets stood at Kc1.2bn at end-2005, owner's equity reached Kc84.6m and loan capital Kc1.1bn. In 2004, loan capital amounted to Kc263m.

Slovakia's biggest breweries are Heineken and Pivovar Saris, owned by the group SABMiller. SABMiller has acquired Topvar, the third biggest Slovak brewer, this year.

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