Sun Interbrew Reorganized Into Open JSC, Acquires Yantar, Rogan and Desna Breweries.

The breweries will become consolidated affiliates of Sun Interbrew. The deal will be signed in April, after all the breweries hold their AGMs. The company says that reorganization will optimize structure, boost technical development, and allow the companies to save money on logistics. Previously Sun Interbrew operated as an Ltd, Yantar and Rogan (ROGA) were Opened JSCs,Desnawas a closed JSC, and Sun Interbrew managing them all. Concorde Capital: Sun Interbrew is ’s largest beer producer, with a market share of ~35%. The companies total sales made up USD 212 mln in 2004, 2.3 times more than those of Slavutych (SLAV) – a member of BBH group, the third-largest player in . SLAV remains the only actively traded brewery stock in . ROGA’s free float is very limited. We are waiting for legal details from the AGMs to evaluate the new stock’s possible affect on the market.