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English
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oda_NoncurrentFinancialAssetAcquisitionAbstract|
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oda_UpdateAnnouncementFlag|
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Hayır (No)
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oda_CorrectionAnnouncementFlag|
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Hayır (No)
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oda_DateOfThePreviousNotificationAboutTheSameSubject|
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-
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oda_DelayedAnnouncementFlag|
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Evet (Yes)
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oda_AnnouncementContentSection|
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oda_BoardDecisionDateForAcquisition|
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20/12/2022
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oda_WereMajorityOfIndependentBoardMembersApprovedTheBoardDecisionForAcquisition|
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Yes
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oda_TitleOfNoncurrentFinancialAssetAcquired|
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The Coca-Cola Beverages Pakistan Limited
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oda_FieldOfActivityNoncurrentFinancialAssetWhoseSharesWereAcquired|
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Production, distribution and sale of Coca-Cola products
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oda_CapitalOfNoncurrentFinancialAsset|
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36,604,875 PKR
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oda_AcquirementWay|
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Satın Alma (Purchase)
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oda_DateOnWhichTheTransactionWasWillBeCompleted|
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The transaction is expected to close ofter receiving relevant and customary approvals including governmental approvals in the first half of 2023
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oda_AcquisitionConditions|
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Peşin (Cash)
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oda_DetailedConditionsIfItIsATimedPayment|
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-
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oda_NominalValueOfSharesAcquired|
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18,181,641 PKR
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oda_PurchasePricePerShare|
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16.5 USD
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oda_TotalPurchasingValue|
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300,000,000 USD
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oda_RatioOfNewSharesAcquiredToCapitalOfNoncurrentFinancialAsset|
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49.67%
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oda_TotalRatioOfSharesOwnedInCapitalOfNoncurrentFinancialAssetAfterTransaction|
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99.34%
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oda_TotalVotingRightRatioOwnedInNoncurrentFinancialAssetAfterTransaction|
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99.34%
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oda_RatioOfNoncurrentFinancialAssetAcquiredToTotalAssetsInLatestDisclosedFinancialStatementsOfCompany|
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9,7%
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oda_RatioOfTransactionValueToSalesInLatestAnnualFinancialStatementsOfCompany|
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12,1%
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oda_EffectsOnCompanyOperations|
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CCI increases its exposure in Pakistan, one of its fast growing and developing markets with this transaction
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oda_DidTakeoverBidObligationArised|
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Hayır (No)
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oda_WillExemptionApplicationBeMadeIfTakeoverBidObligationArised|
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Hayır (No)
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oda_TitleNameSurnameOfCounterParty|
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Atlantic Industries Co., subsidiary of The Coca-Cola Company
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oda_IsCounterPartyARelatedPartyAccordingToCMBRegulations|
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Evet (Yes)
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oda_RelationWithCounterPartyIfAny|
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The Coca-Cola Comapny is shareholder of CCI
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oda_AgreementSigningDateIfExists|
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26/12/2022
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oda_ValueDeterminationMethodOfNoncurrentFinancialAsset|
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Discounted cash flows, comparable company multipliers and comparable transaction multipliers
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oda_DidValuationReportBePrepared|
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Düzenlenmedi (Not Prepared)
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oda_ReasonForNotPreparingValuationReportIfItWasNotPrepared|
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The report preparation is on progress
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oda_DateAndNumberOfValuationReport|
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-
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oda_TitleOfValuationCompanyPreparedReport|
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KPMG Management Consulting
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oda_ValueDeterminedInValuationReportIfExists|
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-
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oda_ReasonsIfTransactionWasntWillNotBePerformedInAccordanceWithValuationReport|
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-
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oda_ExplanationSection|
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oda_ExplanationTextBlock|
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CCI International Holland B.V. ("CCIHBV"), a wholly owned subsidiary of Coca-Cola Icecek A.Ş., and Atlantic Industries Co. ("AI"), a subsidiary of The Coca-Cola Company ("TCCC"), today signed a share purchase agreement ("SPA") for the acquisition of 49.67% shares in The Coca-Cola Beverages Pakistan Limited ("CCBPL") held by AI. CCI also owns a 49.67% stake in CCBPL and the remaining shares are held by a local shareholder.
CCI's Board of Directors, at its meeting on December 20th, 2022, approved the acquisition of 49.67% of CCBPL by CCIHBV against payment of a total amount of US$300 million in cash for the aforementioned stake. The purchase price is determined through bilateral negotiations with TCCC in reference to an independent valuation report. CCBPL's valuation indicates an Enterprise Value ("EV") of USD 635 million.
Following the share transfer, CCI will, directly and indirectly, own a 99.34% stake in CCBPL.
The transaction is expected to close after receiving relevant and customary approvals including governmental approvals in the 1st half of 2023.
Commenting on the acquisition, Mr. Burak Başarır, CEO of CCI stated: "We are happy to become substantially the sole owner of Coca-Cola Beverages Pakistan. Pakistan has been one of the fastest-growing operations for CCI and for the Coke System globally over the last decade. We have made great progress since we first entered the market in 2008. We have invested heavily in Pakistan over the years, increasing total production capacity by over 5x by 2022. Leveraging our execution capabilities, we have increased penetration, grown volume by around 6x and achieved leadership in the carbonated soft drinks category. In line with our vision to be the best player in FMCG execution in our geographies, we will continue to invest in Pakistan to capitalize on the market's growth opportunities. I strongly believe that Pakistan will become a role model for the best practices in our operations. This investment is a testament to our commitment to the country and belief in unlocking tremendous growth potential".
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.