Poster in Feb 19, 2024 01:43:00

CCI of Turkey is acquiring Coca-Cola Bangladesh Beverages

CCI of Turkey is acquiring Coca-Cola Bangladesh Beverages

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Coca-Cola Bangladesh Beverages Limited (CCBB) is going to be acquired by Turkey's Coca-Cola Isek (CCI). The acquisition will be for USD 13 crore, which is equivalent to Tk 1,430 crore in local currency.

CCI has already completed the agreement in this regard. CCI said this in an official statement on their website on Thursday (February 15, 2024). In this, they said, CCI will acquire 100% shares of Coca-Cola Bangladesh Beverages in exchange for 13 crore US dollars.

CCI International Holland BV (CCIHBV) is expected to finance the acquisition with cash. CCI entered into this agreement with its wholly owned subsidiary CCIHBV and a subsidiary of The Coca-Cola Company, of which CCIHBV will be the major shareholder.

CCI Chief Executive Officer Karim Yahi said in a statement, “We are delighted to sign the Share Purchase Agreement for the acquisition of CCBB. We see this agreement as a great opportunity to enter the potential market of the future.

According to the statement, Coca-Cola Bangladesh Beverages manufactures, sells, and distributes Coke brand beverages in the country. This company serves about 10 crore customers in Rangpur, Rajshahi, Mymensingh, and Dhaka regions. They have more than three hundred employees. Apart from this, the company has a bottling plant, three warehouses, and about three lakh sales outlets. Their number of distributors is 500.

The market size of soft drinks in Bangladesh is Tk 4000 crore to Tk 6000 crore. Coca-Cola and PepsiCo, two US multinational soft drink manufacturers, along with several local companies such as Pran, Akiz, Partex, and Meghna cater to this demand.

According to CCI, Bangladesh's non-alcoholic soft drinks market has seen an average growth of 10 percent during 2019-22. The non-alcoholic soft drinks market in Bangladesh is forecast to grow at a CAGR of 12 percent by 2032.

CCI manufactures, distributes, and markets Coca-Cola brand products. The company operates in 11 Muslim-majority countries. The countries are - Turkey, Turkmenistan, Azerbaijan, Iraq, Jordan, Kazakhstan, Kyrgyzstan, Pakistan, Syria, Tajikistan and Uzbekistan.

Source: Online/GFMM

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