Coca-Cola HBC AG Completes acquisition of a majority stake in CCBCE (3489Y)
January 13 2022 - 3:53AM
UK Regulatory
TIDMCCH
RNS Number : 3489Y
Coca-Cola HBC AG
13 January 2022
Coca-Cola HBC AG
Completes the acquisition of a majority stake in
COCA-COLA BOTTLING COMPANY OF EGYPT
Zug, Switzerland, 13 January 2022. Following its announcement on
12 August 2021, Coca-Cola HBC AG ("Coca-Cola HBC") today announced
the completion of the acquisition by its wholly-owned subsidiary,
Coca-Cola HBC Holdings BV ("CCH Holdings"), of approximately 52.7%
of Coca-Cola Bottling Company of Egypt S.A.E. ("CCBCE") from MAC
Beverages Limited ("MBL") and certain of its affiliated parties for
cash consideration of US$304 million, subject to certain balance
sheet adjustments. An additional earnout amount may be payable
based on CCBCE's financial performance in 2021. Mr. Abdul Galil
Besher, the current executive chairman of CCBCE, will remain as
non-executive chairman of CCBCE. T he transaction with MBL also
involves the potential acquisition by CCH Holdings, at the same
price per share to be paid to MBL, of another approximately 2.8%
stake from certain other minority shareholders pursuant to
agreements to be entered into in due course.
In addition, a convertible loan issued to a wholly-owned
affiliate of The Coca-Cola Company (the "TCCC Seller") by CCBCE,
convertible into new CCBCE shares, has been transferred to CCH
Holdings for a cash consideration of approximately US$22 million
(which is equal to its outstanding principal amount and unpaid
interest).
Completion of the acquisition by CCH Holdings of approximately
42% of CCBCE from the TCCC Seller, also announced on 12 August
2021, is expected to occur later this month, bringing CCH Holdings'
total ownership in CCBCE to 94.7%.
The acquisition gives Coca-Cola HBC access to the second-largest
non-alcoholic ready-to-drink ("NARTD") market in Africa by volume,
building on existing scale in Africa and increasing Coca-Cola HBC's
exposure to high growth geographies. There is a significant
opportunity to leverage Coca-Cola HBC's proven route-to-market
capabilities and 70 years of experience operating in emerging
markets to increase penetration of The Coca-Cola Company's brand
portfolio and drive category leadership.
Zoran Bogdanovic, CEO of Coca-Cola HBC, commented:
"We are excited to welcome CCBCE to our group. We see great
potential for this business to unlock considerable opportunities in
the NARTD category in Egypt. We appreciate the trust placed in us
by The Coca-Cola Company and MBL, and are ready to become part of
the Coca-Cola system growth story in Egypt."
Enquires
Coca--Cola HBC Group
Investors and Analysts:
Joanna Kennedy Tel: +44 7802 427505
Investor Relations Director joanna.kennedy@cchellenic.com
Jemima Benstead Tel: +44 7740 535130
Investor Relations Manager jemima.benstead@cchellenic.com
Marios Matar Tel: +306974443335
Investor Relations Manager marios.matar@cchellenic.com
Media:
David Hart Tel: +41 41 726 0143
Group Communication Director david.hart@cchellenic.com
About MAC Beverages Limited
MAC Beverages Limited is a privately owned group with
investments in the beverages and packaging sectors in the MENA
region. It has been an owner of CCBCE, the bottler of TCCC group's
beverages in Egypt since 1994. Certain affiliates of MAC Beverages
Limited retain the rights to produce and sell beverages bearing
TCCC's brands in Libya and Yemen.
About Coca-Cola HBC
Coca-Cola HBC is a growth-focused consumer packaged goods
business and strategic bottling partner of The Coca-Cola Company.
We create value for all our stakeholders by supporting the
socio-economic development of the communities in which we operate
and we believe building a more positive environmental impact is
integral to our future growth. Together, we and our customers serve
715 million consumers across a broad geographic footprint of 29
countries on three continents. Our portfolio is one of the
strongest, broadest and most flexible in the beverage industry,
offering consumer-leading beverage brands in the sparkling, juice,
water, sport, energy, plant-based, ready-to-drink tea, coffee,
adult sparkling and premium spirits categories. These beverages
include Coca-Cola, Coca-Cola Zero, Schweppes, Kinley, Costa,
Valser, Romerquelle, Fanta, Sprite, Powerade, FuzeTea, Dobry,
Cappy, Monster and Adez. We foster an open and inclusive work
environment amongst our 36,000 employees and we are ranked among
the top sustainability performers in ESG benchmarks such as the Dow
Jones Sustainability Indices, CDP, MSCI ESG and FTSE4Good.
Coca-Cola HBC has a premium listing on the London Stock Exchange
(LSE:CCH) and is listed on the Athens Exchange (ATHEX:EEE). For
more information, please visit
https://www.coca-colahellenic.com.
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