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Sun InBev to sink $568m into business recovery

      RBC, 16.11.2012, Moscow 12:05:41.SUN InBev, Russia's second-largest brewing company and a subsidiary of the world's biggest brewer Anheuser-Busch InBev, expects to raise up to RUB 22bn (approx. USD 694.23m) from the private sale of an additional 2bn shares, RBC Daily reported today.

      Of the total amount, over RUB 18 (approx. USD 568.0m) will be used to repay debts, which resulted from the acquisition of three breweries in Ukraine in the early 2000s, and develop business, the company's press office said.

      Sun InBev has experienced a decline in beer sales for the second consecutive year. In 2011, the company's sales fell 4.9% in terms of physical volumes compared to a 2.9% decline of the market. SUN InBev attributed the negative result to the tightening of market regulations and its strategy to focus on premium brands Bud, Hoegaarden, and Stella Artois, which means lower sales in physical volumes but higher revenue. The company boosted its revenue to RUB 40.1bn (approx. USD 1.27bn) in 2011 from RUB 37.5bn (approx. USD) in 2010. However, it incurred a RAS net loss of RUB 3.3bn (approx. USD 104.13m) compared to a RUB 293.5m (approx. USD 9.26m) net profit in the previous year. The net loss was attributed to the repayment of debts.

      During the first nine months of this year, SUN InBev's sales slid 12.3%, while the market rose 4.9%. The company shut down a brewery in city of Kursk in August.

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