Putin appoints trustee to Anadolu Efes’ Russian partnership via presidential decree

Russian President Vladimir Putin temporarily appointed a trustee to the Russian partnership of Anadolu Efes, one of Türkiye’s leading alcoholic beverage producers, through a presidential decree.

The decree involved handing over 15.8 billion common shares and 92,900 preferred shares of AB InBev Efes BV to an entity called “GK Vmeste.”

This marks a historic first in Russia’s dealings with Turkish companies, as it is the first instance of such a seizure.

60% of Anadolu Efes’s sales come from Russia

AB InBev Efes BV is one of the top three beer producers in Russia, operating 11 breweries and three malt production facilities across the country. The joint venture was established in 2018 between Anadolu Efes and the Belgian company AB InBev.

In the first nine months of 2024, Anadolu Efes’ beer sales revenue amounted to approximately ₺70 billion ($1.97 billion), with about 60% of its sales volume coming from Russia. The company also operates fully-owned beer production facilities in Moldova, Georgia, and Kazakhstan.

Since late 2023, Anadolu Efes has been making efforts to acquire its Belgian partner’s shares, but the proposed structure was rejected by a government commission during the summer.

Toward the end of 2024, a new agreement was reached between the Turkish and Belgian partners, under which Anadolu Efes would take over AB InBev’s shares in Russia, while AB InBev would acquire Anadolu Efes’ shares in Ukraine.

Anadolu Efes stocks plummet on exchange market following news

Following Putin’s decision, stocks of Anadolu Efes and its parent company, Anadolu Holding, nosedived on Borsa Istanbul. Anadolu Efes stock closed the day down 9.98% at ₺212.80 ($6.02), while Anadolu Holding ended 9.95% lower at ₺341.75.

In a statement to the Turkish Public Disclosure Platform (KAP), Anadolu Efes reaffirmed that temporary management was appointed to the company in Russia on Dec. 30.

The statement noted that the situation would be thoroughly evaluated with their partner and all necessary steps would be taken.

Anadolu Efes notified that developments on the matter would be disclosed to the public in due course and in accordance with regulations.