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Coca-Cola Icecek eyes territory expansion - report

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Coca-Cola Icecek is looking to move into new territories and may buy an existing bottler, the company's CEO has said in an interview.

Coca-Cola Icecek already operates in markets including Turkey, Kazakhstan, Iraq and Syria

Coca-Cola Icecek already operates in markets including Turkey, Kazakhstan, Iraq and Syria

Speaking to Bloomberg last week, Burak Basarir said the Turkey-based company is focusing on expansion after reducing its debt to the lowest level for 14 years. He said any new investments would likely be through the acquisition of a bottler.

"Our main focus is to expand our franchise, growing our core business further with the addition of new territories," Basarir said in an interview that the group posted on its corporate website. "We could think of adding a new country or countries to our geography."

The company currently operates in markets including Turkey, Kazakhstan, Iraq and Syria.

The CEO noted that any acquisition would have to be done with the permission of The Coca-Cola Co, which owns 20% of Coca-Cola Icecek. The company is also 50% owned by Turkey's biggest brewer, Anadolu Efes.

In third-quarter results posted earlier this month, Coca-Cola Icecek bounced back from the coronavirus lockdown by delivering a 29% quarterly sales rise.

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