Oman Refreshment Company, a leading player in the sultanate’s soft-drinks and beverages market, has acquired Atlas Bottling Corporation, the manufacturer and distributor of PepsiCo products in Algeria.
Oman Refreshment has purchased 100 per cent shareholding in Atlas Bottling Corporation for RO23.1mn.
‘The board of directors of Oman Refreshment would like to disclose that it has acquired 100 per cent shareholding of Atlas Bottling Corporation on August 30, 2021, for a value of RO23,101,200,’ the company said on Tuesday in a disclosure to the Muscat Stock Exchange.
Atlas Bottling Corporation is a leading bottler of carbonated soft drinks in Algeria and has been in operations for more than 20 years.
‘Atlas Bottling Corporation is the manufacturer and distributor of PepsiCo products in Algeria. The acquisition will enable Oman Refreshment to achieve its growth targets and to utilise its experience of more than four decades in the beverage industry,’ Oman Refreshment said in the disclosure.
Founded in 1995, Atlas Bottling Corporation has grown to become one of Algeria’s leading beverages players with a portfolio of global brands including Pepsi Cola, Pepsi Max, Mirinda, and 7 Up.
Oman Refreshment – which is engaged in the business of filling and distribution of soft-drinks, water, juices and trading in consumer-packaged goods – holds franchise rights to produce, fill and distribute PepsiCo range of soft-drinks and Aquafina water. It also produces and distributes juices under its own brand name Topfruit.
Oman Refreshment’s turnover increased 26.6 per cent to RO34.58mn during the first six months of 2021 compared to RO27.32mn in the same period of 2020.
The company’s net profit jumped by more than 113 per cent to RO4.67mn for the first six months of this year against RO2.19mn in the corresponding period a year ago.
© 2021 Apex Press and Publishing. All Rights Reserved.