BELARUS: Krinitsa looks to Russia – report
Belarussian brewer Krinitsa is looking to move into Russia, according to reports.
The company is reportedly set to open a representative office in Moscow later this year, Prime-Tass news service said yesterday (31 July). Citing a company administration official, Tass added that the move should see Krinitsa develop a distribution network in the country.
Krinitsa hopes to start selling its beer in Russia in early 2007.
Formed in 2001, the Minsk-based company was the subject of a petition for bankruptcy from Russian brewer Baltika in 2003. Two years earlier, Baltika had agreed with the Belarus government to invest around US$50m in Krinitsa in exchange for a controlling stake in the brewery.
The Belarus government decided, however, to reduce this to a 30% stake after Baltika had already invested US$10.5m. A Minsk court refused to consider the petition.
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