Atlantic to cover losses of Coca Cola Egypt
The Cayman Islands-based Atlantic Industries Ltd., a wholly owned subsidiary of the US Coca Cola Company, is planning to invest 700 million Egyptian Pounds ($126.8 million) in Coca Cola Egypt, in a bid to avert the company’s expected liquidation.
The Egyptian beverage company’s losses amount to over EP500 million. The remained of Atlantic’s capital injection will be used to finance Coca Cola Egypt’s expansion program and advertising campaigns, reported Al-Alam Al-Yaum . The capital of Coca Cola Egypt, the sole bottler and distributor of Coca-Cola brands in Egypt, stands at EP543 million. — (menareport.com)
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