TURKEY: Efes Breweries lines up Kazakhstan loan
Efes Breweries International has secured a US$40m loan for its operations in Kazakhstan.
The Turkey-based brewer, which saw quarter-one sales in Kazakhstan rise by 13.1% earlier this year, said late last week that the European Bank for Reconstruction and Development (EBRD) has closed a syndication loan of $40m for Efes Karaganda Brewery, to increase the company's brewing capacity and expand its presence in the Kazakhstan beer market.
The loan consists of an A loan, provided by EBRD, and a B loan, provided by participants to the syndication, for $16m and $24m respectively and has a maturity of six years.
The loan will allow Efes Kazakhstan to expand its brewing capacity to 2.9m hectolitres from its current 2.1m hectolitres, the company said, and further develop the company's warehousing and distribution infrastructure.
Last month, EBI recorded a net loss of US$14.5m in its first quarter as a result of higher financial expenses due to increased average indebtedness. Consolidated sales volumes reached 2.57m hectolitres for the period to 31 March, driven by strong performances in Russia and Kazakhstan.
Turkish beer and soft drinks maker Anadolu Efes posted a drop in third-quarter profit as a result of increases in raw material costs....
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