The Coca-Cola Company now has full ownership of CCBPI.
The Company's Bottling Investment Group, the dedicated function to manage bottling operations of The Coca-Cola Company, will lead the management of CCBPI and ensure a smooth transition of the bottling operations.
In early 2001, SMC bought back 65% of CCBPI
from Coca-Cola Amatil of Australia.
Pure Foods registered a P190 million ($4 million) net income while CCBPI had P231 million ($5 million).
CCBPI, on the other hand, had an operating income and net income for the second quarter of P322 million ($6 million) and P231 million ($5 million), up 47% and 85% against last year, respectively.
They also include earnings from CCBPI
prior to its deconsolidation in April and income from an agreement not to compete with CCA in the carbonated soft drinks market in certain Asian countries.
5 million CCA shares in exchange for its 70% equity in CCBPI.
Upon completion of the transaction, CCBPI will become a subsidiary of CCA and will be deconsolidated by San Miguel, which will then account for its investment in CCA using the equity method.
This transaction helps us accomplish this objective as CCBPI will add immediately and substantially to CCA's earnings and growth prospects.
Following the transaction, San Miguel will deconsolidate CCBPI (including CCBPI's debt) and will account for its investment using the equity method.
However, sales volumes were up by more than 30% in April following improved trade compliance with reduced retail prices suggested by CCBPI