The Finnish owner of Lida Pivo will sell the Belarusian asset
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Within 12 months, the Finnish alcohol producer Olvi intends to sell its Belarusian asset Lida Pivo. Former company announced about leaving the Belarusian market and suspending exports of products to Russia.
“The probability of selling Lidskoye Pivo in the next 12 months is high… The abandonment of activities in Belarus means a significant reduction in the group’s business. Belarus accounted for 33.2% of sales, 21.1% of turnover and 24.3% of operating profit in 2021,” the company said in a report published on its website. site.
The term for the sale of the asset in 12 months is explained by legal difficulties in leaving the Belarusian market for companies whose foreign participants cannot dispose of shares without the sanction of the authorities. In July, the government of Belarus banned investors from unfriendly countries from alienating stakes and shares in 190 companies operating in various sectors of the republic’s economy. “Lida beer” also came under restrictions.
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