Al-Ahram Beverages seeks strategic investor
Egypt’s Al-Ahram Beverages Company (ABC) has issued a statement disclosing that it is seeking strategic investors to acquire a majority stake in the company. ABC confirmed negotiations are already underway with interested parties.
ABC recorded a 37.5 percent sales increase in its non-alcoholic beer segment last month, reaching 97,424 hectoliters. The company’s wine sales increased by four percent, spirits by 91 percent and Lipton’s Iced Tea sales increased by 14 percent.
Beer and carbonated soft drink sales dropped by one percent and 14 percent respectively during the month of July, reaching 549,513 cases and 34,985 hectoliters. The company’s bottled water sales also decreased by 7.2 percent, amounting to 30,324 cases during the same period.
ABC produces alcoholic and non-alcoholic beer, soft drinks and malt extracts. The company became publicly held in 1997 and soon after became a model of privatization in Egypt by modernizing production and improving quality control measures.
In 1999 the group launched a new alcoholic beer called El Dorado Shandy Beer and acquired the Nile Brewery Company. Alcoholic beer accounted for 62 percent of fiscal 1999 revenues, non-alcoholic beer, 26 percent and soft drinks, 12 percent. — (menareport.com)
© 2002 Mena Report (www.menareport.com)