LUXEMBOURG: Quilmes Industrial -Quinsa- S.A. Announces the Sale of Its Controlling Stake in Paraguay Refrescos S.A.
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:
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-drinks gives you the widest beverage market coverage.
Paid just-drinks members have unlimited access to all our exclusive content - including 16 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Olly Wehring, editor of just-drinks
- Diageo NA head on Trump, Millennials, Bourbon
- Has Millennial-mania drowned out elder consumers?
- Interview - Loch Lomond GTR head Andre de Almeida
- Absolut and Smirnoff's conflicting Millennial view
- Trump, local spirits and the IR role - The Analyst
- Beam Suntory opens global headquarters in Chicago
- Diageo wine assets integration head to leave TWE
- Absolut not "sufficiently focussed" on Millennials
- Pernod Ricard targets at-home drinking
- Molson Coors names UK & Ireland managing director
- Luxury Alcoholic Drinks: The Spirit of Premiumisation
- Global gin insights - market forecasts, product innovation and consumer trends
- Global Wine Market 2016-2020
- Global Cognac insights - market forecasts, product innovation and consumer trends
- Global rum insights - market forecasts, product innovation and consumer trends