INSUBCONTINENT EXCLUSIVE:
Dutch brewer Heineken on Friday announced it was pulling out of Russia after selling its operations to the Arnest Group, Russia's largest
manufacturer of cosmetics, household goods and metal packaging.Like other major Western companies, Heineken pledged to leave the Russian
market following Moscow's invasion of Ukraine, but it drew criticism earlier this year after a Dutch investigative website reported that
it was continuing its Russian sales.The company apologized in March for creating "ambiguity" on its vow to leave the country, saying it was
hoping to secure jobs for its Russian employees but struggling to find a buyer for its Russian business.Heineken said on Friday that it had
second-largest beer company, had suspended new investments, production, advertising and sale of its namesake brand in Russia "in response to
We take good care of our people and leave in a responsible way," said top executive Dolf van den Brink, according to the daily Algemeen
Russian buyers at a 50% discount and charged them an exit fee of at least 10% of the transaction value.AFP contributed to this reporting.
