Efes Breweries International has announced it has acquired a majority stake in Serbia’s Pancevo Brewery, which is located outside Belgrade.
In a statement Efes said it had acquired 63% in Pancevo through a US$6.5m cash injection.
The money will be invested in product quality and technical infrastructure.
A further US$10m is also marked for investment through to 2005 to raise capacity from the current 40m litres a year.
The Pancevo Brewery produces three brands – Weifert, Karsten and Standard.
It is the second acquisition in weeks for Efes, which recently bought the Russian Amstar Brewery, thanks to a US$25m loan from the European Bank for Reconstruction and Development.
