EBI is a subsidiary of Anadolu Efes

EBI is a subsidiary of Anadolu Efes

Efes Breweries International (EBI), a subsidiary of Anadolu Efes, has secured a US$43m loan to boost its operations.

The loan, from the European Bank for Reconstruction and Development, follows EBI's purchase of the bank's 8.73% stake in EBI's Russian unit, Moscow Efes Brewery. The two sides agreed to convert the value of the shares into a seven-year loan with a value of US$43m. 

“The new loan will allow the funds that would otherwise be paid to the bank, to be used to provide capex and working capital to the local subsidiaries of EBI, which are located not just in the more advanced markets of Russia and Kazakhstan, but also in early transition countries such as Georgia and Moldova,” a spokesperson for the bank said.

EBI now owns 99.73% of Moscow Efes Brewery, the bank said.

It is not the first time EBI has increased its share in Moscow Efes Brewery. In 2006, it took a 7.5% stake from EL&EL Ltd.

SABMiller handed over its Russian beer operations to Anadolu Efes last year in return for a 24% stake in the Turkey-based brewer.