COCA-COLA DE PANAMA PURCHASE.

Panamerican Beverages, Inc., Heineken N.V. and the Costa Rican market leader in beer, Florida Ice & Farm Co. S.A. said Oct. 2 that they have acquired direct control of Coca Cola de Panama S.A. and indirect control of Cervecerias Baru - Panama S.A. through the purchase of 3.9 million newly issued shares of Coca-Cola Panama. Upon completion of the transactions, expected in the 4th quarter of 2002, Panamco will own and operate Coca-Cola Panama and Heineken and FIFCO will own and operate CBP. Coca-Cola Panama and CBP will share finance, administration and warehousing services. Total consideration for the transactions is US$138 million (including assumed debt). The purchase of the largest soft drink bottler and the second largest brewer in Panama marks a first step in a potentially broader alliance between the three companies in the Central American countries where they overlap. Panamco is the largest soft drink bottler in Costa Rica, Nicaragua and Guatemala, while FIFCO owns and operates the sole brewer in Costa Rica and has a significant stake in Consorcio Cervecero Centroamericano S.A., the largest brewer in Nicaragua. J.P. Morgan Securities, Inc served as the exclusive financial advisor of Panamco for this transaction and ING Bank N.V. provided the financing for this acquisition. Details: Panamerican Beverages, Inc. Annette Franqui, 305/929-0865 or Citigate Sard Verbinnen, Matt Benson/Kara Findlay, 212/687-8080

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Copyright 2002