FROM LEFT TO RIGHT: GUUS LUBSEN, JEAN FRANQOIS VAN BOXMEER, THONV RUYS, RENÉ HOOFT GRAAFLAND, MARC BOLLAND
Both businesses are performing well on their home mar
kets and will provide valuable support for our Middle East
expansion.
In Germany, we reached agreement, via our joint
venture BrauHolding International, on the purchase of
45% of the shares in Karlsberg International Brand, which
has a strong position in the Saarland and Rheinland-Pfalz
regions. The large German beer market, though still
fragmented, offers good potential for growing our market
share and reducing costs.
In Costa Rica, we acquired a 25% stake in Florida
Bebidas, the country's only brewery, which also owns a
modern fruit drinks plant and has interests in bottled
water. Eleineken also acquired an 8% interest in COCECA,
the only brewery in Nicaragua, and in Panama we pur
chased a 74-5% stake in Cervecerias Barü-Panama, the
country's second largest brewery. The Central American
countries have good long-term economic growth
prospects, their populations include a high proportion of
young people and their beer markets are growing.
In Brazil, we converted our 14% interest in the Kaiser
breweries into a 20% interest in Cervejarias Kaiser Brasil,
a company created by the Canadian brewer Molson Inc.,
which purchased Kaiser and combined it with the pre
viously acquired Bavaria brewing group.
In Kazakhstan, we increased our interest in the Dinal
brewery, which has an 8% share of this rapidly growing
beer market, to 51%.
In early 2003 we acquired Schörghuber Corporate
Group's 50% interest in IRSA, which has a 62% interest
9