Finnish Olvi refused to sell the Belarusian asset “Lida Pivo”
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Finnish company for the production of alcoholic and non-alcoholic beverages Olvi from the sale of the Belarusian asset of Lidskoye Pivo OJSC, says in the report on the holding website for the first quarter of 2023
“Olvi’s subsidiary Lida Pivo is subject to a special ban, as a result of which Olvi has stopped the process of selling Lida Pivo,” the report says.
The document says that the State Control Committee of Belarus imposed a fine of 35.8 million Belarusian rubles (12.2 million euros) on Lida Pivo. The company challenged the decision, but the court dismissed the claim. Due to the fine, Olvi refused to sell the asset.
The company previously noted that Belarus in 2021 accounted for 33.2% of sales, 21.1% of turnover and 24.3% of operating profit. Planning and implementation of the withdrawal will entail one-time costs, the company notes. After the decision of the Board of Directors at a meeting on March 5, 2022 to leave the Belarusian market, Olvi stopped investing in Lida Pivo.
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