Turkish Coke bottler to float?

Related tags Initial public offering

Coke's Turkish bottler, Coca-Cola Icecek Uretim, is considering a

Turkish Coca-Cola bottler Coca-Cola Icecek Uretim is considering an initial public offering, according to a statement to the Istanbul Stock Exchange, reported Dow Jones​.

Brewer Anadolu Efes Biracilik ve Malt Sanayi, which has a 40 per cent stake in Coca-Cola Icecek, said in the statement that Schroder Salomon Smith Barney and Turkish broker Is Yatirim Menkul Degerler were assigned to "conduct initial work for the planned offering."​ Timing will depend on market conditions, according to the report.

Cola-Cola Icecek has five plants in Turkey with a total capacity of 300 million bottles, Dow Jones added. It also has operations in Azerbaijan, Kazakhstan, Kyrgyzstan and Turkmenistan, worth an annual $50 million in sales, according to the daily paper Millyet​.

The paper said that Coca-Cola Icecek sales were $600 million in 2001, down 7 per cent from a year earlier due to the country's financial crisis. The company expects a 6 per cent increase in 2002.

Turkey is the sixth-largest Coca-Cola market in Europe and 17th in the world, noted the report.

Related topics Manufacturers Carlsberg

Related news