Ничто так
не веселит богов,
как прогнозы погоды.



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№ 10 (3160)27.01.2006
"Red East Pilsners"
Brothers Khairullin sold their brewery business

Last Tuesday the Turkish holding "Efes Pilsners" declared the purchase of the "Red East" (Krasny Vostok) brewery. Amount of transaction is $390 million. Two years ago one of the joint owners Ilshat Khairullin blurt out that he was ready to sell "Red East" for $1 milliard.

The long awaited deal was arranged suddenly. Both main stockholders of the "Red East" rejected completely all the suppositions about the possible sale. They rejected it to the last. Not later than three weeks ago Airat Khairullin talking to the "Evening Kazan" correspondent denied the rumor about buying the brewery by Turks, although the agreement has already been reached by this time evidently. We must say that not only the "Red East" owners deceived, but the buyers too. So, the press-cutting service of the Russian representative office of "Efes Pilsners" assured our correspondent three weeks ago that they don`t plan buying "Red East" and they called the rumors abut it just provocative.

According the terms of transaction the Turkish company becomes two "Red East" breweries in Kazan and Novosibirsk and three malt-houses in Kazan. In other words, "Efes Pilsners" buys only the brewing facilities. All the nonspecialized assets of "Red East" - the bank, the insurance company, the chain-stores - were removed from the company during the presale preparation. After the legalization of the purchase deed - "Efes" owns 93 percent of the "Red East" stocks. 7 percent remain by Airat Khairullin. His brother Ilshat becomes a member of the "Efes" committee of directors. As the result of the deal Turks can bottle about 180 millions dals (1 dal = 10 liters) of beer, get 10 percent of the market and "Efes" becomes the fourth brewery in the country.

After the promulgation of the terms of the transaction most of the experts were surprised by the low price of the "Red East" - $390 million. As we already told the owners of the brewery planned to sell their business for $1 milliard. For comparison: last year the "Tinkoff" brewery was sold for $300 million, although its production facilities were five times smaller then the facilities of the "Red East".

Most of the experts find that there are two reasons of the relative cheapness of the "Red East". The first one: Khairullins had been selling their business for too long time. A year or two ago they could get much more money. The interest of the foreign companies was much higher then. Probably these companies did not like the price and turned their attention on the building of their own facilities. So in 2006 "Efes" became the only one buyer and could cut the price. The second reason: "Red East" had lost its market segment. In 2002 the company had 7 percent of the Russian beer market and in 2006 it had only 2.6 percent.

In general most of our readers do not need to be an expert to understand why the company lost the market and was sold much cheaper than its owners wanted as a result. The reason is the quality of the "Red East" beer which became the talk of the town. It came down to the informal governmental directives for districts that the local officials should support the Tatarstan`s large tax-payer holding back the retail of its rivals. What is to say about the more prosperous and pampered with a plenty of beers townspeople, when even the countrymen turn up their nose at the cheap "Red East" beer.

Rustam VAFIN.

 

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