Business News

Pivovarna Union Sells Kosovo Brewer for EUR 15M

Ljubljana, 12 June (STA) - Slovenian brewer Pivovarna Union has sold its 57.63% stake in Kosovo brewer Birra Peja for nearly EUR 15m, as the company's supervisors gave the management the go-ahead to finalize the sale to Globsos, a Prishtina-based company that holds a 42% stake in Birra Peja.

A press release issued by the Ljubljana-based Pivovarna Union on Thursday says that the sales agreement, which is still pending approval from several authorities, was signed in December.

Globsos, owned by businessman Blerim Devolli, will now have 30 days to pay EUR 13m for the nearly 58% stake in Birra Peja, while EUR 1.75m to repay claims is due within a year.

One of the companies within the Laško-based beverage group Pivovarna Laško, Pivovarna Union is involved in the indebted group's efforts to offload non-essential investments; in April the group reached a debt restructuring agreement with creditor banks.

The group is also selling its stake in Slovenia's No.1 grocer Mercator, the country's leading newspaper publisher Delo and mineral water company Radenska, among others.

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