29 September 2008 - Coca-Cola Icecek (CCI), the Turkish unit of Coca Cola, has announced it has signed an agreement for the acquisition of a 48.993% stake in Coca-Cola Beverages Pakistan for USD 76.9 million.
CCI will realize the payment in cash once the local legal procedures are finalized for the registration of the share transfer. Following the share transfer, both CCI and The Coca-Cola Company will each own equal stakes in CCBPL.
"Pakistan, with an approximate population of 165 million of which 67% are less than 30 years of age, offers a significant growth potential for CCI, currently serving an area of 9 countries with a population of 170 million. The Pakistan GDP increased by 7.3% in 2007, and forecasts estimate 6-7% annual growth over the next 5 years", CCI said in a June statement when it announced it would be acquiring the stake in the Pakistani company.
CCBPL’s sales in 2007 stood at 77 million unit cases.