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
- A-B InBev and its SABMiller divestments - Focus
- Paddy Irish whiskey - The Facts
- SABMiller in Cent'l & E Europe - What is for sale?
- Is the wine industry confusing its consumers?
- Where does AB InBev see the future of beer?
- Pernod Ricard to widen Our/Vodka sales reach
- Remy Cointreau names new Travel Retail exec
- Leonardo DiCaprio joins Runa drinks board
- Pernod in talks to sell Paddy whiskey to Sazerac
- US wholesalers point to Absolut decline - report
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends
- Global travel retail insights - market forecasts, product innovation and consumer trends
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends
- Consumer and Market Insights: Spirits Market in the US
- Carbonates in India