* Cultiba plans to use proceeds from offering to pay down
* Shares up 0.63 percent on Tuesday
MEXICO CITY Jan 22 Mexican Pepsi bottler and
sugar producer Cultiba plans to price a $331 million stock
offering on Jan. 30, an official close to the deal said on
Cultiba, previously known as Geupec, in
November said it would sell shares to raise capital and pay down
The company plans to issue up to 112,705,622 shares at a
price of between 35 and 40 pesos, raising up to 4.2 billion
Mexican pesos ($331.17 million), according to a filing with
Mexico's stock exchange.
Shares in Cultiba, which reported sales of 31.448 billion
pesos in the year through September, closed up 0.63 percent at
The company exclusively distributes Pepsi-brand drinks
in Mexico, in addition to producing and selling its own
and third-party brand beverages. Cultiba also produces and sells
The offering will be the first major deal for Mexico's stock
market this year.
Stock exchange president Luis Tellez said he expects at
least five initial public offerings in 2013. That would mark a
turnaround for the bourse, which has struggled to attract new
listings in recent years.