Greek Coca-Cola Hellenic (CCH) , the world’s second-largest bottler of Coca-Cola Co , said on Wednesday it would propose a capital return to its shareholders of 0.34 euro per share.
"As a separate item, Coca-Cola Hellenic also announces a proposal for a further decrease in the par value of the Company’s shares by approximately 55 million euros, or 0.15 euros per share, in order to extinguish accumulated losses in an equal amount," CCH said in a statement.
CCH said the proposal would be subject to approval by shareholders at an annual general meeting on June 25.
CCH buys syrup concentrate from Coca-Cola and bottles and distributes drinks including Coca-Cola, Sprite and Fanta in 27 countries in Europe and also in Nigeria.
CCH is expected to reveal a sharply wider first-quarter net loss on Thursday, hurt by depressed demand in Greece and rising input costs.