From 1992 onwards, SUN acquired,
and over the next twelve years, comprehensively
restructured assets in the brewing sector across
the FSU, building by 2004 the world's twelfth
largest brewing company. Building brands under
the SUN Brewing umbrella, restructuring
production and introducing corporate governance,
SUN created a strong foundation for growth.
Three separate rounds of financing were placed
to international investors, including one of the
first ever private placements of securities by a
company with predominantly Russian operations.
In 2004 SUN consolidated its investment by
swapping its equity stake in SUN InterBrew for a
combination of cash and shares in InBev
(previously InterBrew) at a valuation of
approximately $4 billion. Notwithstanding the
Russian crash of 1988, third party investors in
SUN Brewing received 5.4 times to 13.5 times
return on their investments, depending upon
their time of entry.