Efes Breweries International has unveiled plans to consolidate its stake in its Russian subsidiary.

The company, the international brewing arm of Anadolu Efes, said yesterday (20 November) that its Dutch-based holding company will partially finance the consolidation of Krasny Vostok Brewing Group into Moscow Efes Brewery - for about US$368m - using "proceeds of the planned Ruble Bond issue, whereby the balance is planned to be financed through a capital increase at MEB level".

The company said that the sale is subject to necessary corporate and regulatory approvals.

The funding transactions to effect this restructuring will not increase the overall net indebtedness of EBI, the company added.

Efes is the fourth largest brewer in Russia, with a market share of just over 10%. The company has three breweries in Russia with annual production capacity of 7.7m hectolitres, and a Russian portfolio which includes Stary Melnik and Sokol as well as licensing agreements for Efes Pilsener, Zlatopramen and Warsteiner.