Efes Breweries International is planning to consolidate its stake in its Russian subsidiary, according to reports.

AFX International Focus reported yesterday (6 November) that the Dutch-based holding company will partially finance the consolidation of Krasny Vostok Brewing Group into Moscow Efes Brewery - for about US$368m - using the "proceeds of a previously announced ruble bond issue, and the balance through a capital increase".

No-one was immediately available to confirm the reports at EBI, when contacted by just-drinks today.

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.