Coca-Cola FEMSA announcement
Mexico City, Mexico, August 16, 2018 –Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFL; NYSE: KOF) (“Coca-Cola FEMSA”, “The Company” or “KOF”) announces that it has notified The Coca-Cola Company (“TCCC”), the exercise of KOF’s put option to sell its 51% stake in Coca-Cola FEMSA Philippines, Inc. (“CCFPI”).
As part of the transaction structure for the acquisition of a 51% stake in CCFPI, closed on January 25, 2013, KOF obtained a put option to sell back to TCCC not less than all of KOF’s shares in CCFPI at a price to be determined according to an agreed formula, which cannot exceed the aggregate enterprise value of the original purchase.
KOF will work closely with TCCC in all aspects of the transaction announced today, and will fully cooperate with TCCC to ensure a smooth transition of the CCFPI business.
“As part of our efforts to expand our geographic reach, we have been operating in the Philippines for more than five years, deploying our expertise and capabilities to develop and operate in fragmented markets, leading to an efficient turnaround of this operation. However, given the recent evolution in the business outlook in the Philippines, and our commitment to a disciplined capital allocation approach focused on driving shareholder returns, our Board of Directors has concluded that exercising our put option represents the best course of action for Coca-Cola FEMSA’s shareholders. This was not an easy decision, and it comes after a deep and thorough process of analysis based on our best interest to protect our shareholders’ value. Going forward, we will continue to look and assess other potential strategic opportunities for long-term value creation”, said John Santa Maria, Chief Executive Officer.
Conference Call and Webcast
Coca-Cola FEMSA has scheduled a conference call to discuss today’s announcement. The call will be held on Friday August 17, 2018 at 10:00 a.m. Eastern time, 9:00 a.m. Mexico City time and will be conducted by
Mr. John Santa Maria, Chief Executive Officer Mr. Hector Treviño, Chief Financial Officer Mrs. Maria Dyla Castro, Investor Relations Director
To participate in the conference call please dial: Domestic U.S.: 800-289-0438 International: +1 323-794-2423 Participant passcode: 7107781
Alternatively, participants can log into www.coca-colafemsa.com for a live audio webcast of the conference call. Subsequently, the conference call audio will be available at www.coca-colafemsa.com.Descargar noticia