Brewer Anadolu Efes Advances for a Second Day on Expansion Plan
Anadolu Efes Biracalik & Malt Sanayii AS (AEFES), the Middle East’s biggest brewer, rose for a second day, paring a monthly retreat, after saying it was looking to expand in ex-Soviet and Eastern European markets.
The shares gained 2.2 percent to 23.50 liras at 12:15 p.m., heading for the highest level in more than a week, trimming its decline in May to 5.3 percent on a closing basis.
The brewer is looking for acquisition opportunities in ex- Soviet and Eastern European markets after it bought SABMiller Plc. (SAB)’s Russian and Ukrainian business in exchange for a 24 percent stake in a $1.9 billion deal last year, Alejandro Jimenez, Anadolu Efes president for beer operations, said in an interview at the company’s head office in Istanbul yesterday.
Anadolu Efes is also planning either to build a new brewery in Turkey or to expand one of the five existing facilities in the next three years, Jimenez said.
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