April 2 (SeeNews) - Turkish soft drink bottler and distributor Coca Cola Icecek AS [IST:CCOLA] said it has reached an agreement with US-based The Coca-Cola Company (TCCC) to stop the sales and distribution of the Dogadan tea brand.
Under the agreement, sales and distribution of the Dogadan brand in Turkey, Kazakhstan and Azerbaijan will be terminated as of the end of April, the company said in a statement filed with the public disclosure platform of the Istanbul bourse on Wednesday.
Coca Cola Icecek said in January it has started discussions with TCCC to reconsider the sales and distribution model of Dogadan, the non-ready to drink tea brand currently produced within the TCCC system and sold and distributed by Coca Cola Icecek.
The Dogadan brand accounted for 8.3% of Coca Cola Icecek's total volume, 1.9% of its sales revenue and 0.2% of its earnings before interest, taxes, depreciation, and amortisation (EBITDA) in 2019.