June 21 - Efes Breweries International N.V. announced that the General Shareholders' Meeting of Moscow Efes Brewery, EBI's operating subsidiary in Russia, resolved to increase MEB's share capital through issuance of additional shares of up to 455,729,167.00, amounting to USD 200,000,000.
It was the unanimous decision of EBI’s Supervisory and Management Boards, dated 17.06.2009 to participate in the mentioned capital increase as per EBI’s shareholding in MEB.
EBI currently holds directly, indirectly or economically 91.2% of MEB. Remaining shares are owned by the European Bank for Reconstruction and Development (“EBRD”), and both EBI, and its subsdiaries, as well as EBRD would participate to the capital increase and no change in the shareholding structure is expected post capitalization.
MEB will utilize the main portion of the proceeds of the capital increase to pay down its debt to EBI in the amount of USD 148,000,000, stemming from the restructuring in Russia (please see EBI’s announcement, dated 20.03.2008) and the balance will be used to pay down some of MEB’s short term bank borrowings in Russia.