AB InBev Increases its Humanitarian Relief for Ukraine and Is Forfeiting All Financial Benefits from Stake in Russian Non-Controlled Joint Venture

Mar 15, 2022 | Business

WEBWIRE –



We are providing critical assistance to our 1,800 employees in Ukraine and their families, including providing housing and financial support. In addition to donating to the Red Cross, we are working in partnership with them, other CPGs and local NGOs to provide food, blankets, medical supplies and 2 million cans of emergency drinking water to Ukraine and surrounding refugee relief areas.


We have a joint venture in Ukraine and Russia with Turkish brewer Anadolu Efes. Yet, we do not have a controlling stake at the joint venture and do not consolidate it in our accounts. We have requested the controlling shareholder to suspend the license for the production and sale of Bud in Russia. Furthermore, we are forfeiting all financial benefit from the joint venture operations.


The joint venture employees in Ukraine and Russia will continue to be supported and paid. We are focused on supporting our employees, their families and the humanitarian relief efforts in Ukraine while wishing for peace.


Forward-Looking Statements


This release contains “forward-looking statements”. These statements are based on the current expectations and views of future events and developments of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances. The forward-looking statements contained in this release include, statements other than historical facts and include statements typically containing words such as “will”, “may”, “should”, “believe”, “intends”, “expects”, “anticipates”, “targets”, “estimates”, “likely”, “foresees” and words of similar import. All statements other than statements of historical facts are forward-looking statements, including statement relating to the future of our joint venture interests. You should not place undue reliance on these forward-looking statements, which reflect the current views of the management of AB InBev, are subject to numerous risks and uncertainties about AB InBev and are dependent on many factors, some of which are outside of AB InBev’s control. There are important factors, risks and uncertainties that could cause actual outcomes and results to be materially different, including as a result of the developing situation in Ukraine and Russia. The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including AB InBev’s most recent Form 20-F and other reports furnished on Form 6-K, and any other documents that AB InBev has made public. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements. Except as required by law, AB InBev undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Hans Energy Increases its Shareholding in the Holding Companies of Citybus and NWFB to 15.56%

Dec 4, 2021 | Business

Hans Energy Company Limited (“Hans Energy” or the “Company”) and its subsidiaries (the “Group”) (stock code: 554.HK), a leading operator in the energy industry, announced today that the Group will increase its shareholding in Bravo Transport Holdings Limited (“BTHL”), which wholly owns Citybus and NWFB, at a total consideration of HK$350 million. This represents 7% of the entire issued share capital of BTHL. Upon completion of the acquisition, the Group will own approximately 15.56% of equity interest in BTHL.

Pursuant to the sale and purchase agreement, Glorify Group Limited (“Glorify”), a wholly-owned subsidiary of the Group, has conditionally agreed to acquire – and Templewater Bravo Holdings Limited (“TWB Holdings”) and Ascendal Bravo Limited (“ABL”) have conditionally agreed to sell – an aggregate of 700 BTHL Shares. Together these represent 7% of the entire issued share capital of BTHL at a total consideration of HK$350 million. Upon completion of the acquisition, approximately 83.90% of BTHL will be held by TWB Holdings, 15.56% by Glorify, and 0.54% by ABL. The principal subsidiaries of BTHL include Bravo Transport Services Limited (“Bravo Transport”), which principally engages in providing public bus and travel-related services in Hong Kong through its subsidiaries Citybus and NWFB in which Bravo Transport Services Limited has a direct or indirect 100% shareholding interest. Citybus and NWFB both operate bus services in Hong Kong some of which are through public bus franchises that they have granted.

Mr. Yang Dong, Chief Executive Officer of Hans Energy Company Limited said, “This acquisition will enhance our development in Hong Kong’s public transportation sector. Leveraging on the Group’s extensive experience in the operation of energy industry chains, the Company will strive to explore and promote the development of new energy transportation business in the future so as to conform with the Group’s overall strategic direction of developing new energy industry chains. By leveraging the Group’s extensive experience in sourcing and trading fuel-related products in the region, the Company intends to provide strategic support to BTHL to develop its storage & transportation business related to new energy fuels, thereby fostering new sources of profitable growth in the long term.”

Mr. Yang continued, “To comply with the Hong Kong Climate Action Blueprint 2050 promulgated by the Hong Kong Government, and to achieve the goal of “carbon neutrality” and actively meet the huge demand for the development of green transportation, the Group is cooperated closely with core suppliers in key hydrogen-energy sectors and internationally-renowned automobile suppliers so as to promote the use of hydrogen as a transportation fuel in Hong Kong. We believe that this acquisition is a key part of building Hong Kong’s hydrogen energy industry chain, and will generate synergistic benefits to the Group’s business development, creating value for stakeholders over the long term.”

About Hans Energy Company Limited
Hans Energy Company Limited is a leading operator in providing integrated facilities of jetties, storage tanks, warehousing and logistic services in south China for petroleum and liquid chemicals, offering value-added services in its own ports and storage tank farms, trading of oil and petrochemical products, and operating filling stations.






Topic: Press release summary

Neste increases the use of renewable electricity at its Porvoo refinery in Finland with a new wind power agreement

Sep 1, 2021 | Business

Neste has signed a renewable power purchase agreement with Statkraft, Europe’s largest producer of renewable energy. Statkraft will begin the wind power deliveries to Neste’s Porvoo refinery in Finland in mid-2022.

Neste is committed to combat climate change and reduce climate emissions both globally and locally. To support this, the company has two climate commitments. The signed agreement supports Neste’s commitment to reduce the carbon footprint of its production and to reach carbon neutral production by 2035. Neste’s other climate commitment is to reduce customers’ greenhouse gas emissions with its renewable and circular solutions by at least 20 million tons CO2eq annually by 2030.

“Our aim is to use 100% renewable electricity globally by 2023. We are increasing the use of renewable wind power at the Porvoo refinery, as it is one of the key measures to reduce greenhouse gas emissions of our production,” says Sami Oja, acting Executive Vice President, Oil Products at Neste.

In addition to its agreement with Statkraft, Neste’s wind power partners are Ilmatar and Fortum. Neste has been using wind power at the Porvoo refinery since the beginning of 2021. Currently, about 20% of the refinery’s electricity consumption is covered by renewable wind power.

The total annual capacity of the wind power agreement with Neste and Statkraft is approximately 215 GWh, which corresponds to some 18% of the electricity consumption at Neste’s refinery in Porvoo, Finland. This will reduce the refinery’s indirect greenhouse gas emissions* of electricity purchases annually by approximately 53,000 tons CO2 eq. Including previous agreements, Neste will reduce indirect greenhouse gas emissions of its electricity purchases for its production in Finland by approximately 170,000 tons CO2 eq**, which equals the average annual carbon footprint of more than 21,000 EU citizens***.

*) Scope 2 emissions defined by the Greenhouse Gas Protocol.
**) The emission reduction has been calculated on the basis of the 2019 residual mix published by the Finnish Energy Authority.
***) Source: World Bank

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. We refine waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. We are the world’s leading producer of renewable diesel and sustainable aviation fuel, developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. As a technologically advanced refiner of high-quality oil products with a commitment to reach carbon-neutral production by 2035, we are also introducing renewable and recycled raw materials such as waste plastic as refinery raw materials. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2020, Neste’s revenue stood at EUR 11.8 billion, with 94% of the company’s comparable operating profit coming from renewable products. Read more: neste.com

Hydro increases capacity for sustainable aluminium production in Sjunnen, Sweden

Jul 10, 2021 | Business

The press operations in Sjunnen, Sweden that was idled a few years ago will be reopened. The plant will be fully operational during the fall of 2021 and increases Hydro Extrusions Sweden’s capacity of aluminium profiles made with recycled aluminium by approximately 20%.

The decision to reopen comes in response to a substantial increase and market demand for low-carbon aluminium profiles across all industries where Hydro Extrusions operates. 

As business is coming back to normal after the pandemic, the demand for high-quality and sustainable aluminium profiles has surged. By adding one more press, Hydro Extrusions Sweden will increase the annual capacity by around 10.000 tonnes.

Hydro has a set a target of reducing its carbon emissions by 30% by 2030 and increasing capacity for recycling aluminium and producing more low-carbon alloys and extrusions play an important role in realizing that target. The reopening of the extrusion press in Sjunnen, with its close connection to the remelting facility, is a step towards a circular thinking, where Extrusions Sweden can play an important role in the region by recycling aluminium from the local market and increase capacity for new low-carbon extrusions.

“Aluminium is a material of the future which gives companies across industries new opportunities in sustainable design and recycling. Starting up the extrusion operations in Sjunnen is a direct result of the increased demand for sustainable aluminium and proof that our products have an important role to fill in the transitions towards a greener economy. With increased capacity and flexibility we can also shorten the lead-times to our customers,” says Jonas Bjuhr, Managing Director Hydro Extrusions Sweden.

Bank of America Increases Commitment to Advance Racial Equality and Economic Opportunity to $1.25 Billion

Mar 31, 2021 | Business

Bank of America today announced that it has increased its $1 billion, four-year commitment to advance racial equality and economic opportunity to $1.25 billion over five years. This effort further accelerates work already underway to address racial equality and opportunity through direct actions, investments and work to catalyze similar efforts across the private sector.

To date, the company has made more than $350 million in various investments from its initial $1 billion four-year commitment, announced in June 2020, across its primary focus areas of health, jobs/reskilling, affordable housing and small business. Additional funds announced today will further support investments to address racial justice, advocacy and equality for people and communities of color, including those of Asian descent. 

“The urgency we feel to address long-standing issues of inclusion and racial inequality has only increased following the attacks and hate speech directed at Asian people over the last year,” said Bank of America Chairman and CEO Brian Moynihan. “Across the public and private sectors, it is clear that we must do more – to take action, help others convene, and serve as a catalyst for a broad-based, collective response to the critical issues affecting our nation.”

The bank also announced an immediate $1 million commitment and related actions in support of increased advocacy, dialogue and engagement with the Asian American community. Further investments will be identified as part of the company’s expanded five-year effort. 

Immediate actions taken to help accelerate and expand pre-existing work include:

  • A grant to the Asian Americans Advancing Justice (Advancing Justice) organization to advance the nonprofit’s work to promote civil rights, bystander intervention, in-language advocacy, social services assistance and legal support. This funding supports five Asian Americans Advancing Justice affiliates based in Atlanta, Washington, D.C., Los Angeles, San Francisco and Chicago.
  • The addition of Connie Chung Joe, chief executive officer of Asian Americans Advancing Justice – Los Angeles, to serve as a member of Bank of America’s National Community Advisory Council (NCAC), in support of ongoing dialogue and stakeholder engagement with the Asian community in the U.S., and on broad issues of gender and racial equality. Members of the NCAC engage with leaders on Bank of America’s business policies, practices and products in support of employees, clients and local communities.
  • Additional support for the National Coalition for Asian Pacific American Community Development (National CAPACD) and The Leadership Conference Education Fund as the two organizations work to advance local community advocacy, training, and resources through community-based efforts.
  • Increased philanthropic support through Bank of America’s employee matching gift program. Bank of America employees can double their charitable donations to these three nonprofits and select others; the company’s matching gift minimum has been lowered to $1 for the next 90 days, to expand the impact of their support to the Asian community in the U.S.

“The rising number of attacks against Asian people, including the tragic shootings in Atlanta recently, have served as a stark reminder that we must stand united against discrimination, hate speech and violence,” said Thong Nguyen, vice chairman at Bank of America. “We will not tolerate acts of racism in any form. Today’s commitment builds upon Bank of America’s many years of work in support of inclusion and racial equality.”

“Over the past year, we’ve witnessed increased racism and violence against Asian Americans, underlining the significant need for tools and resources to combat these, as well as a need for culturally specific mental health and victim support resources,” said Chung Joe. “We look forward to working with Bank of America and other national advocacy leaders to advance racial equity and create opportunities for all Americans.”

Bank of America’s work to address racial equity includes participation in the Business Roundtable’s new, multi-year effort to improve equity, diversity and workplace culture, and the bank’s partnership with the Smithsonian Institution in support of its “Our Shared Future: Reckoning with our Racial Past” initiative.

Within the company, Bank of America’s Global Diversity & Inclusion Council includes senior executives from around the world and has been led by Moynihan for more than a decade. The company also connects and supports employees through 11 employee networks and local chapters, including the Asian Leadership Network with more than 11,000 members.

Expanding perspectives is a critical aspect of how Bank of America drives a culture of inclusion. Over the last decade, the company has hosted thousands of courageous conversations with employees, external partners and members of the community to cultivate awareness, inclusion and understanding. Sessions held recently include an event hosted by Bank of America’s Asian Leadership Network regarding allyship to address the current climate of race relations in America, particularly in the Asian and Black/African American communities.

Bank of America’s $350 million in commitments since June 2020 include:

  • Equity capital investments in 12 minority depository institutions (MDIs) and community development financial institutions (CDFIs) to provide lending, housing, neighborhood revitalization and other banking services to thousands of individuals and small businesses that do not qualify through traditional lenders. This includes a new investment in Central Bank, an Asian American MDI.
  • $188 million of investment in 61 private equity funds focused on minority and women entrepreneurs to address the persistent gap in access to growth capital for minority-led businesses.
  • Founding partner of the Smithsonian’s “Our Shared Future: Reckoning with Our Racial Past” initiative exploring how Americans understand, experience and confront race.
  • More than $22 million in grants to national and local nonprofits supporting workforce development, entrepreneurship, health and emergency needs.
  • Partnerships with 21 higher education institutions and major employers to enhance up-skilling and re-skilling for Black and Hispanic-Latino students.
  • More than $13 million committed to Native American Communities hardest hit by the coronavirus.
  • Expanded opportunities for 50,000 women entrepreneurs at the Bank of America Institute for Women’s Entrepreneurship at Cornell.
  • Distribution of 25 million masks to underserved communities across the U.S.

Bank of America also recently tripled its affordable homeownership commitment to $15 billion through 2025 and issued a $2 billion Equality Progress Sustainability Bond designed to advance racial equality, economic opportunity and environmental sustainability. In 2020, the company provided $6.17 billion in affordable housing and economic development financing to help build strong, sustainable communities across the U.S.

This information is also available in Chinese, Korean, Vietnamese and Japanese.

Bank of America

At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
www.bankofamerica.com

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