COCA-COLA AMATIL (FIJI) PTE LTD TO ACQUIRE FURTHER SHARES IN PARADISE BEVERAGES (FIJI) LIMITED TO IN
COCA-COLA AMATIL (FIJI) PTE LTD TO ACQUIRE FURTHER SHARES IN PARADISE BEVERAGES (FIJI) LIMITED TO INCREASE OWNERSHIP TO 100%
Coca-Cola Amatil (Fiji) Pte Ltd (CCEP Fiji) has today acquired 57,323 (equivalent to 0.55%) shares in Paradise Beverages (Fiji) Limited (PBF) from Platinum Insurance Limited (PIL). Following this acquisition, CCEP Fiji now holds 90.14% of PBF’s shares and can, in accordance with Fiji’s Companies Act, proceed with the compulsory acquisitionof the remaining shares that it does not hold to increase its ownership to 100%. The price for the acquisition of the remaining shares will be the same cash price offered to PIL being FJ$25.21 per share.This reflects a premium of between 27% and 34% over the value assessed as fair based on an independent market valuation of PBF.
CCEP Fiji is owned by Coca-Cola Europacific Partners, formerly Coca-Cola Amatil (CCEP), which is one of the largest bottlers and distributors of non-alcoholic and alcoholic ready to drink beverages in the Pacific, Europe and Indonesia.
CCEP Fiji’s further investment in PBF reinforces CCEP’s long-term commitment to growing its businesses in Fiji and Samoa, including supporting local employment, local brewing of leading beers, distillation of global award-winning rum and production and distribution of non-alcoholic drinks.
Following PBF becoming a wholly-owned subsidiary, CCEP Fiji’s focus will remain on supporting its people, customers and businesses in Fiji and Samoa, particularly as the Fijian community emerges from the challenges of COVID-19. As CCEP Fiji works through the current challenges of COVID-19 in 2021, it does not propose to make any material structural or people changes as a result of its further investment in PBF.
Benefits of the transaction include:
· Create certainty for CCEP to continue investing into Fiji and Samoa ensuring local employment and the continued support of 3,300+ local businesses as customers
· Continue both PBF and CCEP Fiji’s focus on protecting Fiji’s natural beauty and environment through their ongoing commitment to recycling through the Mission Pacific recycling scheme, establishment of the Pacific’s largest solar generation installation and the long-term support of the Mamanuca Environment Society
· Continue local sponsorship in the community, such as the Coca-Cola Games, Mission Pacific, and the Marist Fiji Bitter 7’s. These local sponsorships, loved and cherished by all Fijians, represent millions of dollars of support each year
· Injecting over FJ$25 million into the Fijian economy through the purchase of the minority shareholdings at an above market premium of FJ$25.21 per share. An Independent Expert’s Report through Fijian firm BDO is of the opinion this acquisition price is at a premium to fair value
· Materially increase the corporate tax revenue for the Government once PBF is delisted from the South Pacific Stock Exchange following completion of the compulsory acquisition process and therefore no longer eligible for the listed company exemption. Combined, CCEP Fiji and PBF currently contribute over FJ$100 million annually into Fiji as tax revenue.