Danish brewer Royal Unibrew has seen Icelandic investment company FL Group again up its stake in the company.

FL Group said yesterday (29 June) that the move gives it a 20.47% stake in Royal Unibrew, which is the second-largest brewer in Scandinavia.

It is the third time in four months that FL Group, by some distance the largest shareholder in Royal Unibrew, has raised its interest in the publicly-listed brewer.

An FL Group spokesman would not be drawn on whether the company would look to buy up further chunks of the company. "We have stated previously that the company has the potential to grow," he told just-drinks today.

Royal Unibrew CFO Ulrik Sørensen (pictured) said the company was "happy" that FL Group was "showing confidence" in the company.

"Under our previous strategic plans - called V8 - we have developed a very efficient machine. We looked internally to improve efficiencies and we have gained accelerated ratios on EBIT and margins, certainly compared to many more international players," Sørensen told just-drinks. "We want to keep that level of efficiency and a grow in tune with our growth strategy."

He added that the company had received "no indication" that FL Group wanted to increase its stake still further.

Royal Unibrew has breweries in Denmark, Poland, Latvia and Lithuania with a beer brand stable including Faxe and Ceres. The company also owns soft drinks interests in Latvia.