Coca-Cola Hellenic Bottling Company (CCHBC) has confirmed that it is to list its shares on the New York Stock Exchange on 10 October 2002 but added that its two major shareholders have decided not to participate in the secondary listing on account of poor market conditions.
CCHBC announced last week that its two main shareholders, Socomex of the Kar-Tess group and Refreshment Product Services, a subsidiary of The Coca-Cola Company, were to offer up shares for the listing, which would have accounted for 5 per cent of CCHBC's total share capital. But the decline in CCHBC's share price in recent weeks - a drop of more than 20 per cent - persuaded them that the move would not be in their best interests.
Despite the decision of its main shareholders not to take part in the secondary listing, CCHBC remained positive about the decision to go ahead with main listing on the NYSE.
"The principal purpose of the listing is to increase CCHBC's comparability with its international peer group, and to expose the company to a wider analyst community," managing director Irial Finan said in a statement. "The company will pursue the listing in the long term interests of its shareholders."
Finan continued: "Our decision to proceed with the listing of CCHBC shares on 10 October 2002 represents a major step forward for the company. CCHBC has had a long held ambition to have its shares listed on the NYSE to facilitate visibility and exposure to all of its key audiences. This listing marks a very important stepping stone in the company's continuing growth and expansion in the international market place."
CCHBC is one of the largest bottlers of non-alcoholic beverages in Europe and the second largest Coca-Cola bottler in the world by sales volume, operating in 26 countries including Greece, Nigeria and much of central and eastern Europe. CCHBC's shares are already listed on the Athens Stock Exchange, with secondary listings on the London and Australian Stock Exchanges.