Coca-Cola to sell 25 percent stake in Turkey operations
Coca Cola’s Turkish subsidiary plans to launch an initial public offering (IPO) for 20-25 percent of its shares this May, reported Reuters.
Coca Cola was introduced to the Turkish market in 1964. The local subsidiary, Coca-Cola Icecek (CCI), is 40 percent owned both by Turkey’s Anadolu Group and the Coca-Cola Company. The Ozgorkey family owns the remaining 20 percent stake. CCI operates five plants and 10 warehouses, supplying 150 retailers with the carbonated beverage.
The soft drink business has become a mini-battlefield in the Middle East, where local retailers fight to drive and Coca Cola and Pepsi out of the region. The two most well-know symbols of American culture have been met with local competition from upstart sodas such as Iran’s Zamzam and Tunisian-owned Mecca Cola that call on Muslims to boycott major American brands. — (menareport.com)
© 2004 Mena Report (www.menareport.com)