The proposed share sale will be through a book build process to be undertaken after the close of trading on the Australian Stock Exchange (ASX) on Thursday 27 September 2007.
The purpose of the proposed share sale is to balance TCCC's investment in the region, as funds from the sale will be used to acquire a 10% equity stake in Coca-Cola Korea Bottling Company (CCKBC), following the expected completion of the sale of CCKBC by CCA to LG Household & Healthcare in late October 2007, as well as to fund other growth opportunities in the region.
TCCC currently holds approximately 32% of the total issued shares in CCA. On completion of the proposed share sale, TCCC will hold approximately 30% of the total issued shares in CCA.
“CCA remains one of our most important and trusted bottling partners and we remain committed to its success,” said Gary Fayard, Chief Financial Officer, The Coca-Cola Company. “This sale merely balances our investments in the region. We continue to be focused on the sustainable growth of our joint business, as evidenced by our remaining substantial holding in CCA. We have no plans to sell any additional shares.”
Geoff Kelly and Irial Finan will continue to represent TCCC as its nominee directors on the Board of CCA.
