Efes plans London IPO
Turkey’s major brewer Anadolu Efes plans an initial public offering (IPO) of its Efes Breweries International division (EBI) in London during the first half of 2004. That’s what Efes Beverage Group President Mukhtar Kent told delegates at the Renaissance Capital Equity Conference in Moscow at the beginning of June 2003. Kent was quoted as saying that the growth of the Efes Beverage Group’s (EBG) operations outside Turkey required an IPO for EBI (Efes’ international beer sales arm, in which EBG holds an 85% stake). EBI is likely to be listed in the first quarter of next year and up to 30% of its shares are expected to be in free float.
Efes expects the Turkish beer market, with 11 litres of beer per capita consumption, to grow at an average rate of 5 - 6% over the next five years.e..
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