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RUSSIA: Vena Brewery awaits approval for €82m EBRD loan

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Russia's Vena Brewery is hoping to sign a deal with the European Bank of Reconstruction and Development for a loan totaling €82m, the brewery's general manager Barry Marshall said yesterday.

At present the brewer and the bank are awaiting permission from the Anti-Trust Ministry to go ahead with the deal. The EBRD, which confirmed that it is ready to start negotiations, will allocate the loan to 2010.
 
The money will apparently be used to refinance earlier loans and to replenish working assets.

The brewery's main shareholders are Carlsberg and Baltic Beverages Holdings (BBH), which own 49.95% of shares.  BBH holds an option to buy Carlsberg's shares in Vena from October 1 2003.


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