International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
Heineken halts production in Egypt
Heineken is estimated to have more than $217.9 million in annual sales in Egypt
January 31, 2011 1:44 by Reuters
Dutch brewer Heineken NV said on Monday it had halted production in Egypt as tension rises in the country amid street protests against the rule of President Hosni Mubarak.
A spokesman for the company told ANP-Reuters it was not immediately clear when production could be resumed or what the financial impact would be from the production halt. Heineken had earlier repatriated 29 Dutch nationals from Egypt.
Heineken, the world’s third largest brewer, is estimated to have more than 160 million euros ($217.9 million) in annual sales in Egypt through activities in beer, wine, spirits and soft drinks, SNS Securities said. The group is also active in Tunisia and Algeria.
“Regional volumes and profitability will suffer from the situation, but the contribution to the group is limited, also implying a limited impact on Heineken’s bottom-line earnings,” SNS added in a research note.
Heineken shares were down 0.7 percent at 36.515 euros at 0950 GMT, in line with a negative Amsterdam market.
(Reporting by Marijn Wellink and Aaron Gray-Block)