LUXEMBOURG: Quilmes Industrial -Quinsa- S.A. Announces the Sale of Its Controlling Stake in Paraguay Refrescos S.A.
By Company Press Release | 4 October 2000
Quilmes Industrial (Quinsa) S.A. (NYSE:LQU; "Quinsa" or the "Company") today announced that its subsidiary Quilmes International (Bermuda) Ltd. ("QIB") has closed the sale of its 57.97 % equity stake in Paraguay Refrescos S.A. ("Paresa") to Coca-Cola Interamerican Corporation ("CIAC"). CIAC intends to make an offer to acquire from minority shareholders the remaining outstanding shares of Paresa, a Paraguayan corporation that produces, bottles and distributes Coca-Cola® and other soft drinks under license from The Coca Cola Company in the territory of the Republic of Paraguay. Under the terms of the transaction, QIB has received cash payment of US$ 63.9 million. This payment, which is subject to certain post-closing price adjustments, is in addition to a dividend of US$ 1.6 million that QIB received from Paresa shortly before the closing. Furthermore, certain property and other assets not directly related to the soft drinks business of Paresa with a total book value of approximately US$ 4 million, were excluded from the sale. Net profit after tax related to the sale amounts to approximately US$ 27.6 million (subject to post-closing price adjustments), and has been accounted for as Other Income. As of the third quarter 2000, the Company has effectively terminated its soft drinks business in Paraguay. Paresa's operating highlights are as follows:
just-drinks articles are only available to registered users and members.
Join now for increased access
There are various access options to choose from. All provide instant access to the latest news, insight and expert analysis.
If you’re already a member, login here.
Quilmes Industrial (Quinsa) S.A. (NYSE:LQU; "Quinsa" or the "Company") today announced that its subsidiary Quilmes International (Bermuda) Ltd. ("QIB") has closed the sale of its 57.97 % equity stake in Paraguay Refrescos S.A. ("Paresa") to Coca-Cola Interamerican Corporation ("CIAC"). CIAC intends to make an offer to acquire from minority shareholders the remaining outstanding shares of Paresa, a Paraguayan corporation that produces, bottles and distributes Coca-Cola® and other soft drinks under license from The Coca Cola Company in the territory of the Republic of Paraguay. Under the terms of the transaction, QIB has received cash payment of US$ 63.9 million. This payment, which is subject to certain post-closing price adjustments, is in addition to a dividend of US$ 1.6 million that QIB received from Paresa shortly before the closing. Furthermore, certain property and other assets not directly related to the soft drinks business of Paresa with a total book value of approximately US$ 4 million, were excluded from the sale. Net profit after tax related to the sale amounts to approximately US$ 27.6 million (subject to post-closing price adjustments), and has been accounted for as Other Income. As of the third quarter 2000, the Company has effectively terminated its soft drinks business in Paraguay. Paresa's operating highlights are as follows:
- Unlimited access to all the latest global beverage news and insight
- Expert analysis that puts the news into context
- Exclusive interviews with leading industry figures
- Monthly management briefings with detailed analysis on hot topics
- Personalised RSS feeds and email newsletters
- 10-year archive of news, insight and intelligence
- Discounts on just-drinks market research
- Plus much more
If you’re already a member, login here
More articles related to this one
COMMENT: Heineken chilling rumours
Dutch brewer Heineken is rumored to have released a self-chilling beer can.
HOLLAND: ING raises Heineken targets
ING has raised its target for Heineken's share price after analysing the brewer's options to save costs.
HOLLAND: New Heineken CEO to steer same path
Heineken's CEO-in-waiting has no plan to radically alter the brewer's strategy, he said in an interview today.
