TURKEY: Coca-Cola Içecek approves Efes Invest capital increase
Coca-Cola Içecek's (CCI) board of directors approved the capital increase of its 100% affiliate Efes Invest Holland B.V. by US$30m.
In a statement to the Istanbul Stock Exchange, the company said that the amount will be used to repay existing loans and for new investments.
CCI produces, sells and distributes soft drinks in Turkey, Kazakhstan, Azerbaijan, Jordan and Kyrgyzstan. CCI also has 33.3% interest in Turkmenistan Coca-Cola Bottlers Ltd., the Coca-Cola bottler in Turkmenistan.
In addition, CCI is party to a joint venture that has the exclusive distribution rights for brands of the Coca-Cola Company in Iraq and has the option to become the sole Coca-Cola bottler in Iraq.
In the fourth quarter of 2005, CCI expanded its bottling operations beyond Turkey with the acquisition of an 87.63% interest in Efes Invest (EFES.IS) which acquired a 90.0% interest in CC Jordan.
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