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 17 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
- Chile's winemakers caught out by Brexit "disease"
- What's coming up in beer in 2017? - Comment
- Interview - Pernod Ricard's luxury director
- The just-drinks Analyst - 2017 forecasts
- What's coming up in wine in 2017? - Comment
- Suntory sends staff to fat camp - report
- Diageo Australia names new commercial head
- Pernod Ricard's Absolut Lime - NPD
- Former Stoli Group CEO joins Perfect Vodka owner
- "Beer and weed are complements" - analyst
- Global vodka insights - market forecasts, product innovation and consumer trends
- The Next Seven Big Beverage Markets
- Global Cognac insights - market forecasts, product innovation and consumer trends
- Global gin insights - market forecasts, product innovation and consumer trends
- Darker Than Before: Global Prospects for Brown Spirits