Efes Breweries' Russian unit has delayed its planned Ruble Bond issue, according to reports.

An official at Troika Dialog, which is organising the issue with Citibank, was cited by Reuters on Friday (23 November) as saying that the RUB6bn (US$246.8m) bond will not be issued until next year due to a "poor market climate". The bond was to have helped the unit, Moscow Efes Brewery, help finance the consolidation of Krasny Vostok Brewing Group, announced earlier this month.

Last week, EBI said that MEB was to buy 92.9% of Krasny Vostok for US$368m in a move to consolidate its business in the country.

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.