Russia: EFES Breweries International N.V. to earn US$300 million from new GDP issue

Efes Breweries International NV said on October 20 it planned to raise up to $300 million through a rights issue to pay off debt and for its recent purchase of Russian brewery Krasny Vostok.

Efes said it had launched the issue of up to 3.8 million new Global Depositary Receipts (GDR) on a three-for-seven basis to existing holders at a price of US$23.65 per new GDR as part of an offering to existing shareholders of up to 63,428,572 new shares at an equivalent price of US$4.73 per ordinary share.

Efes, majority owned by Turkey-based brewer Anadolu Efes, makes about 80 percent of its revenues in Russia, selling top-end brands like Warsteiner, Efes Pilsener and Zlatopramen.