Coca-Cola Amatil Ltd. (CCA) announced 13 July that the sale of the Philippines business has been completed. The sale of Coca-Cola Bottlers Philippines, Inc. (CCBPI) to The Coca-Cola Company (TCCC) and…
Coca-Cola Amatil Ltd. (CCA) announced 13 July that the sale of the Philippines business has been completed. The sale of Coca-Cola Bottlers Philippines, Inc. (CCBPI) to The Coca-Cola Company (TCCC) and San Miguel Corporation (SMC), which was approved at the annual general meeting on 27 April 2001, has been completed for an un-geared price of $2.26 billion, comprising: a cash payment to CCA of $351 million as consideration for the repurchase by CCBPI of common shares in CCBPI held by CCA; the buy back and cancellation of 153.9 million ordinary shares in CCA held by TCCC and the 219.4 million ordinary shares in CCA held by SMC at $4.75 per share; and the retention in CCBPI of $135 million in net debt. CCA will record a gain, after tax, of $255 million on the sale of CCBPI. TCCC now holds 35.4% of the 676.9 million ordinary shares in CCA that are currently outstanding (compared to 37.5% of the 1,050.2 million shares outstanding immediately prior to completion of the sale). The percentage of CCA“s shares held by shareholders other than TCCC (“the free float”) increases to 64.6%. The Philippines business will be consolidated for the four-month period ended 27 April 2001 into CCA“s half-year results for the period ended 29 June 2001. For the four months ended 27 April 2001, the Philippines business is expected to record volume of 130.7 million unit cases (versus 124.9 million for the comparable period in 2000), net sales revenue of $404.3 million, trading profit of $52.9 million and net operating profit of $30.2 million. CCA is the largest bottler of non-alcoholic beverages in the Asia Pacific region. The company operates in six countries (Australia, New Zealand, Papua New Guinea, Fiji, South Korea and Indonesia), employs 17,000 people and has access to 278 million consumers through 550,000 trade customers. CCA will next host a presentation to analysts and media on 10 August 2001 at 2.30pm for the interim results to 29 June 2001. All presentation material will be posted to CCA“s website at that time.