Russia’s Baltika to invest $20 million in upgrading and retooling brewery in Azerbaijan

Russia’s Baltika to invest $20 million in upgrading and retooling brewery in Azerbaijan
# 13 October 2008 15:45 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. Russia’s Baltika Breweries plans to invest $20 million in Baku-Castel Brewery, said Anton Artemirev, President of Baltika Breweries.
“We have a $20 million investment plan for the brewery that we acquired in Azerbaijan. The investment plan includes funds from our financial resources and loans,” he added.
He added that the company doesn’t explore the possibility of wholly owning the Baku-based brewery.
“This issue is not on the agenda now. If shareholders want and need be, we are ready to take a 100% stake,” he noted.
Baltika owns a 92% stake in Baku-Castel Brewery.
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