The Investment Fund for Central and Eastern Europe (IØ) is to take a 20% stake in the Serbian brewery Pivara Celarevo from Carlsberg for DKK 93.3m, the Danish breer said today.

The deal was made when Carlsberg first made an offer for the Serbian brewery in the autumn of 2003. Carlsberg currently owns 99.9% of the brewery.

Furthermore, Carlsberg and IØ have agreed that IØ also shall acquire 20% of the share capital in Carlsberg Bulgaria AD at a price of DKK 56.1m. Carlsberg's two Bulgarian breweries - Pirinsko Pivo AD and Shumensko Pivo AD - are in the process of being merged into one single company named Carlsberg Bulgaria AD.

The total income of DKK 149.4 million will not have any effect on Carlsberg's financial results but improve the company's cash flow. Furthermore, the selling of shares gives Carlsberg a possibility to rely on upon IØ's extensive experience from other investments in Central and Eastern Europe, the brewer said.