The Colombian brewing force, Bavaria, has announced that it is to refinance its US$400m domestic and foreign debt which is due in 2003. This includes a US$300m from the Santander Investment Bank.

The brewer added that it planned to invest US$110m this year and continue its expansion programme in Latin America. The company, which is forecasting profits of around US$114m for 2003, on a par with 2002, said US$78m of the total investment would be allocated to plants in Colombia, with the rest being spent on its interests in Panama, Ecuador and Peru.