GREECE: Coca-Cola Hellenic looks to rein in share value through capital return
Coca-Cola Hellenic Bottling (CCH) is looking to cut the par value of its shares through a capital return to its shareholders.
Earlier today (9 May), the Greek Coca-Cola bottler proposed a EUR0.34 per share payment to shareholders, which would represent a EUR125m (US$161.9m) decrease in the par value of its shares. At the same time, CCH's board has proposed a further decrease in the par value of the company's shares, by about EUR55m or EUR0.15 per share, “in order to extinguish accumulated losses in an equal amount”.
“The board of directors believes that the proposed recapitalisation … reflects the company's strong and sustained cash flow generation,” CCH said. “At the same time, it will enable Coca-Cola Hellenic to maintain an efficient balance sheet.”
Both proposals will be discussed at the firm's AGM on 25 June. If approved, the capital return would be made on 8 August to shareholders of record on 3 August.
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