Coca-Cola Hellenic Announces Changes to Internal Corporate Structure
Reflecting the economic uncertainty in Greece, Coca-Cola Hellenic plans to make certain changes to its corporate structure, subject to regulatory approval and approval by shareholders at the annual general meeting on 25 June 2012. Under the proposals Coca-Cola Hellenic’s Greek operating assets and liabilities will be transferred to a wholly-owned subsidiary of Coca-Cola Hellenic in accordance with the provisions of Greek law.
The effective date for the transformation of the balance sheet will be 31 March 2012. The transaction does not require a valuation and will be undertaken based on book values, which will be verified by the certified auditing firm PwC. The completion of the transaction is expected to take place in the third quarter of 2012.
The proposed changes in the corporate structure which brings the operations in Greece in line with the majority of group operations in other countries is intended to reduce complexity and will not have any impact on Coca-Cola Hellenic’s customers, employees or shareholders. It will ensure a clear distinction between Coca-Cola Hellenic, which manages operations in 28 countries, and its operations in Greece, which produces, distributes and sells Coca-Cola Hellenic’s products in Greece.
