Coca-Cola HBC says it has received no notification from the Russian government regarding any potential change to its operating status in Russia, according to an official statement the company issued to the Athens Stock Exchange.
Read also: Russia moves against foreign multinationals: Putin nationalizes Japan Tobacco by decree as Coca-Cola HBC suffers major stock plunge
“Coca-Cola HBC has not received any notification from the Russian government regarding any change to its operations in Russia, which have been operating locally in an independent manner since 2022,” the company stated in its official announcement.
The company also emphasized that “Coca-Cola HBC does not rely on income or capital from its Russian operations to fund the group’s business outside Russia or to service its debt.”
Coca-Cola HBC: Stock drops 14.12%
The statement came in response to intense selling pressure on the company’s shares at the Athens Stock Exchange, where the stock closed the session down 14.12%.
The sharp plunge was triggered by a report in a Russian newspaper, which claimed that Bochkari — a beer and soft drinks producer — had reportedly petitioned Russian President Vladimir Putin to take over the management of Multon and Multon Partners, both subsidiaries of Coca-Cola HBC.
The development sparked significant concern in the market, fueling fears of potential Russian government intervention in the operations of foreign companies that continue to hold assets in the country.
