COCA-COLA Beverages Philippines, Inc. announced on Wednesday the change of its legal name to Coca-Cola Europacific Aboitiz Philippines, Inc. (CCEAP).
In a statement, the company said that it received approval from the Securities and Exchange Commission for the change of its company name.
This follows the completed acquisition of CCEAP by Coca-Cola Europacific Partners Plc and Aboitiz Equity Ventures, Inc. (AEV).
“Our new name signifies an exciting new phase in our journey as we reaffirm our commitment to serving our customers, supporting our people and communities, and driving long-term growth for the country,” said Gareth McGeown, president and chief executive officer of CCEAP.
“In the 113 years that Coca-Cola has called the Philippines home, we look forward to a hundred more years of refreshing our consumers and making a difference through our Great People, Great Beverages, Great Execution, and Great Partners — Done Sustainably,” he added.
In a disclosure dated Nov. 20, 2023, AEV announced the signing of a share purchase agreement for the acquisition of ownership in CCEAP.
The agreement states that AEV will acquire 40% beneficial ownership in the exclusive bottler and distributor of the products of The Coca-Cola Company, while Coca-Cola Europacific Partners will hold a 60% stake.
“More than anything, this new name represents the strength of our partnership with Coca-Cola Europacific Partners,” said AEV President and Chief Executive Officer Sabin M. Aboitiz.
“We share a solid commitment to our customers and communities, and with this new identity, we believe we can make a much more meaningful impact,” he added.
On Wednesday, shares in AEV closed 0.76% or 25 centavos higher at P33 apiece. — Justine Irish D. Tabile