Drinks bottler Coca-Cola Hellenic (CCH), which already has secondary stock listings in the UK and New York, said in a statment that leaving Greece is the right move at this time.
“A primary listing on Europe’s biggest and most liquid stock exchange reflects better the international character of Coca Cola Hellenic’s business activities and shareholder base,” the company said.
It added that the move would improve access to equity and debt capital markets and increase its flexibility in raising new funds.
Shareholders, most of whom are abroad, will exchange their stock for shares in Coca Cola HBC AG, based in Switzerland. Most investors have already accepted the plan after long complaining about Greek taxes, according to Reuters.
The company, in which The Coca-Cola Co of the US has a 23pc stake, bottles drinks in 28 countries from Russia to Nigeria. Despite saying that Greece comprises just 5pc of its business and that its plants in the country will operate as normal, chief executive Dimitris Lois said the move “makes clear business sense”.
Telegraph has the full article
