Shares in Anadolu Efes dropped by the most in over five months after the Turkish brewer’s Russian joint venture with Anheuser-Busch InBev was rebranded, deepening concerns that it may not regain control of the business.

Anadolu Efes fell by as much as 9.3% on Tuesday. Shares in parent company AG Anadolu Grubu Holding AS and sister firm Coca-Cola Icecek AS declined by as much as 4.5% and 2.3%, respectively. 

The stock slide comes after AB InBev Efes Russia, which Russian President Vladimir Putin placed under the temporary control of a local company in December, presented a refreshed logo and trademark name, which translates from Russian as “Drinks Together.” It said in a statement on Monday that the change reflects the firm’s “deep integration into the Russian economy.”

For investors, the change underscores fears about the fate of the Russian joint venture. Legally, AB InBev and Anadolu Efes remain the owners of the Russian venture but no longer have a say in its operations. Shares of Anadolu Efes are down 28% over the past year, compared with a gain of 12% for the benchmark Borsa Istanbul 100 Index.

“Many market professionals have already largely assumed that Anadolu Efes likely lost control of its Russian business after the move in December,” said Haydar Acun, managing partner at Marmara Capital, who holds the stock in his portfolio. “This latest announcement likely has evaporated the hopes of a possible return scenario.” 

Anadolu Efes acknowledged the development in a statement on Tuesday, saying it “is related to the trade name and logo of the company and does not result in any change in the ownership structure and legal status of the shares.” The brewer’s shares were trading 5.5% lower at 16.14 liras as of 1:25 p.m. in Istanbul, paring some of the earlier losses. 

The Kremlin’s move to put AB InBev Efes Russia under the management of the Vmeste group of companies followed an agreement between Anadolu Efes and AB InBev to swap stakes in their Russian and Ukrainian operations. That would have made the Turkish brewer the sole owner of the Russian unit while AB InBev would have taken over the Ukrainian business.

Previously, Russia has taken international companies’ assets into temporary management prior to arranging sales to preferred buyers at steep discounts. Carlsberg A/S’s unit was seized and handed to a Putin ally ahead of a deal with an approved buyer, for example.

With assistance from Beril Akman.

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