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Turkish alcoholic beverage producer Anadolu Efes confirmed on Tuesday that its Russian venture, AB InBev Efes, which was seized under temporary government control in December, has been renamed “Napitki Vmeste (Drink Together)” by the trustee management, yet this does not affect the ownership structure.
According to a notice submitted to the Turkish Public Disclosure Platform (KAP), Anadolu Efes stated that the change applies only to the company’s trademark and logo.
"Developments in this regard will be duly announced," the company said.
On Monday, AB InBev Efes’ trustee management said in a press release that "the decision reflects the company’s deep integration into the economy of the Russian Federation and its new positioning in the market."
"This is an important moment for the company, which underlines our confidence in the future and reflects the changes that have occurred in our business and internal culture," Nikolay Tyurnikov, CEO of the company, said.
“We continue to fulfill all current obligations to the state, consumers, partners and employees."
Following the development, Anadolu Efes's shares listed on Türkiye's stock exchange, Borsa Istanbul, slumped over 9% in Tuesday's session, triggering a circuit breaker.
Founded in 2018, AB InBev Efes, the leader of Russia’s alcoholic beverage market with a 31% share, is a 50-50 joint venture between Türkiye’s Anadolu Efes and Belgian company AB InBev.
The company was placed under state control in December through a presidential decree by Vladimir Putin, which was attributed to a deal under which Anadolu Efes agreed to buy AB InBev out of the venture.
The deal proposed to cover the company’s operations in Russia and Ukraine, leaving the Russian operations to Anadolu Efes and the Ukrainian operations to AB InBev, as the world’s top brewer sought to sell its interest following Russia’s invasion of Ukraine, but the Russian government opposed the plan.
The company had previously announced in June that the Russian government officially rejected the agreement, while uncertainty over the company’s future still remains.
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