FEMSA’s capital stock in Coca-Cola FEMSA allows it to have operational control of Coca-Cola FEMSA.
Having operational control involves making decisions to define the business strategy, appoint managers, control the budget, and decide how resources are managed.
In addition to being the largest bottler of The Coca-Cola Company (TCCC), Coca-Cola FEMSA owns the OXXO chain of small-format stores.
FEMSA’s capital stock
On April 10, 2025, FEMSA indirectly owned Series A shares equivalent to 47.2% of Coca-Cola Femsa’s capital stock (56.0% of Coca-Cola Femsa’s capital stock with full voting rights).
What are Series A shares? They serve to differentiate the rights that certain shareholders have, especially in matters such as voting and ownership.
TCCC indirectly owned Series D shares equivalent to 27.8% of Coca-Cola FEMSA’s capital stock (32.9% of Coca-Cola FEMSA’s capital stock with full voting rights).
Finally, L shares with limited voting rights constituted 15.6% of our capital stock, and B shares constituted the remaining 9.4% of our capital stock (11.1% of our capital stock with full voting rights).
What are the Series D shares? They are held by TCCC and entitle it to profit sharing and certain corporate decisions.
Please note: Series L and Series B shares are listed and traded in the form of units (each unit consists of 3 Series B shares and 5 Series L shares) on the Mexican Stock Exchange under the ticker symbol “KOF UBL” and in the form of ADSs on the New York Stock Exchange under the ticker symbol “KOF” (each ADS represents 10 units).
Coca-Cola FEMSA
This structure ensures that FEMSA and The Coca-Cola Company retain strategic control of the company. At the same time, it allows the investing public to benefit from growth and profitability.
On the one hand, FEMSA exercises operational control. On the other hand, The Coca-Cola Company influences key brand decisions. Although public investor participation is relevant, it is not decisive.
Overall, this model offers a balance between corporate control and a global vision oriented to the Coca-Cola brand.