Finnish Olvi refused to sell the Belarusian asset “Lida Pivo” – Kommersant
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The Finnish group of companies Olvi has abandoned plans to sell the Lidskoye Pivo brand, according to the group’s financial statements for the first quarter. The deal was scheduled to close during 2023.
The State Control Committee of Belarus imposed a fine of 35.8 million Belarusian rubles (€12.2 million) on Lidskoye Pivo. The company challenged the decision, but the court dismissed the claim. Due to the fine, Olvi refused to sell the asset.
The company intends to pay the imposed fine at the expense of the profit of local assets in the second quarter. The fine will reduce Lidsky Pivo’s cash assets, but the company’s work will continue, according to Olvi’s financial statements.
In March 2022, Olvi announced care from the Belarusian market and the suspension of exports of products to Russia. In August of the same year, the company stated about the intention to sell Lida Pivo.
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