CCI completes acquisition of Coca-Cola Bottlers Uzbekistan
Tashkent, Uzbekistan (UzDaily.com) - The Agency for State Assets Management of the Republic of Uzbekistan (AUGA) and Coca-Cola İçecek signed an agreement to purchase shares of Coca-Cola Bottlers Uzbekistan, Ltd.
After signing the agreement, the acquisition of 57.118% of the shares of Coca-Cola Bottlers Uzbekistan, Ltd is officially completed.
Tunjay Ozilkhan, Chairman of CCI and Anadolu Group, said: "As Anadolu Group, we want to continue our investments to create jobs for the Uzbek people and add value to the country’s liberalized and reformed economy." Burak Basharyr, CEO of CCI, commented: "As CCI, with 30 years of experience in this region, we are confident that we can create value for the Uzbek market."
Following the announcement on 6 August 2021, CCI signed a Share Purchase Agreement with the State Asset Management Agency of the Republic of Uzbekistan ("AUGA") as the winner in the open sale process for the privatization of Coca-Cola Bottlers Uzbekistan, Ltd ("CCBU"), the acquisition officially completed with the receipt of appropriate and customs permits, including state ones. The closure was announced by an agreement signed during the 2021 Uzbekistan Economic Forum, held by the Ministry of Finance of the Republic of Uzbekistan.
As a result of the completion and payment of the purchase price of US$252.28 million paid to AUGA, CCI became the owner of 57.118% of CCBU’s shares. The remaining stake in CCBU is indirectly owned by The Coca-Cola Company.
In his speech at the signing ceremony, Tunjay Ozilkhan, Chairman of CCI and Anadolu Group, said: “We are proud to take a new step that will enrich and deepen relations between Uzbekistan and Turkey, two brother countries with strong historical and cultural ties. Anadolu Group has a long history of investing in Central Asia. We have always believed in the potential of the region, and the results that we received from each of our investment decisions have always proved the rationality of our confidence. As Anadolu Group, we want to continue our investment to create jobs for the Uzbek people and add value to the country’s liberalized and reformed economy.”
Commenting on the acquisition, Mr. Burak Basharyr, CEO of CCI, said: “We are delighted that the public sale process has been a success for us and we are delighted to be able to become a majority shareholder in CCBU. This deal strengthens our position as one of the strongest partners in the Coca-Cola system. It also serves our vision to be the best FMCG player in our regions. We have great respect for the people and history of CCBU as a local Coca-Cola seller. We intend to develop the CCBU business and develop its capabilities everywhere for the benefit of consumers, employees, society and the Uzbek state. We also strongly believe in the enormous growth potential of the Uzbek soft drink market for sustainable and profitable growth in the short and medium term. This is in line with our quality improvement algorithm. Uzbekistan is the largest country in Central Asia in terms of population, but has one of the lowest levels of NARTD consumption per capita. As CCI, with 30 years of experience in this region, we are confident that we can create value for the Uzbek market."
Akmalkhon Ortikov, director of the Agency for State Assets Management of the Republic of Uzbekistan (AUGA), noted that, headed by the President of the Republic of Uzbekistan Shavkat Mirziyoyev, structural reforms are being carried out in the economy, steps to reduce the involvement of state-owned and privatized state-owned enterprises, which have begun to bear their first fruits. “This deal can be considered one of the first successful examples of privatization. CCI’s entry into the Uzbek soft drinks market once again confirms the huge interest in the country’s rapidly growing economy and is viewed by Turkish investors as a serious step. I am confident that with the experience of CCI, Coca-Cola Bottlers Uzbekistan will reach a new level of quality, market development and labor productivity,” Ortikov said.