31 Aug 2010 13:38

EBRD sells stake in confectionery company OJSC Bolshevik

MOSCOW. Aug 31 (Interfax) - European Bank for Reconstruction and Development (EBRD) has sold its stake in Moscow-based OJSC Bolshevik, which is a confectionery company, the Russian enterprises said in its materials.

EBRD earlier owned 16.11% of the share sin the enterprise.

Kraft Foods is the main shareholder in OJSC Bolshevik. Kraft became the owner in 2007 after buying Danone Group's biscuit operations.

Bolshevik's sales revenue decreased to 3 billion rubles in 2009 from 3.5 billion rubles in 2008. The enterprise's net losses went down from 179.1 million rubles in 2008 to 1.3 million rubles in 2009.

It was earlier reported that OOO Kraft Foods had plans to close the Bolshevik plant, which is located on Leningradsky Prospect in Moscow and move production to a new enterprise in Sobinka (Vladimir Region).