SAB owner set to lose R15.5 billion on Russia joint venture exit

South African Breweries (SAB) owner AB InBev is selling its stake in its joint venture with Turkish beer maker Anadolu Efes in Russia, as that country’s invasion of Ukraine continues.

In an announcement on Friday, AB InBev said it is in talks to sell the non-controlling stake to Anadolu Efes.

"As a result, AB InBev is de-recognising the investments in AB InBev Efes and will report a $1.1 billion (about R15.5 billion) non-cash impairment charge in non-underlying share of results of associates as part of its first quarter results announcement," said the group.

The beer maker also said its request for its licence to produce and sell its Bud beer brand in Russia, will be part of the possible deal.

AB InBev entered into the joint venture with Anadolu Efes in 2017, in which it acquired a 24% stake. The joint venture was meant to strengthen AB InBev’s position in the Russian and Ukraine markets.