EXHIBIT 21.1 SUBSIDIARIES OF THE REGISTRANT PANAMERICAN BEVERAGES INC. - -------------------------- Interamerican Financial Corporation (Incorporated in Panama) Panamco Insurance Company Ltd. (Incorporated in Bermuda) Alliance International Corp. (Incorporated in Panama) Panamco L.L.C. (Incorporated in Delaware) Pan Air Holding, Inc. (Incorporated in Panama) Panamco Aircraft L.L.C. (Incorporated in Delaware) MEXICO (Companies related to the operation of Panamco in Mexico). - ----------------------------------------------------------------- Panamco Mexico SA de CV (98.14 % ownership) Panamco Bajio S.A. de CV (97.20% ownership) Panamco Golfo SA de CV Compania Inmobiliaria de Puebla SA de CV Compania Inmobiliaria de Apizaco SA de CV Inmobiliaria Impulsa SA de CV Compania Inmobiliaria de Coatepec SA de CV Administracion SA de CV (99.83% ownership) Arrendadora del Bajio SA de CV Prosein SA de CV Proyectos y Construcciones Azteca SA de CV Arrendadora Azteca SA de CV Industrial Metalica de Leon SA de CV (60.17% ownership) Plastehsa SA de CV Maseri de Leon SA de CV (90% ownership) Impulsora Azteca SA de CV Compania Inmobiliaria de Leon SA de CV (97.95% ownership) Compania Inmobiliaria de Irapuato SA de CV (98.18% ownership) Inmuebles Urbanos de Apatzingan Compania Inmobiliaria de Celaya SA de CV (98.03% ownership) Compania Inmobiliaria de Morelia SA de CV (87.11% ownership) Impulsora de Michoacan SA de CV Compania Inmobiliaria de Zamora SA de CV (87.02% ownership) Compania Inmobiliaria de Apatzingan SA de CV (85.82% ownership) Industria Envasadora de Queretaro SA de CV (14.9% ownership) BRAZIL (Companies related to the operation of Panamco in Brazil). - ----------------------------------------------------------------- Dixer Distribuidora de Bebidas SA Juratuba SA Industria & Comercio Refrescos Do Brasil SA (98.86% ownership) Spal Industria Brasilera de Bebidas SA KSP Participaciones Limitada SA (38.73% ownership) Refigerantes Do Oeste SA Supripack Ind. Com. De Embalagens Ltda Distribuidora de Bebidas No Lar Ltda. Distribuidora Capuava de Bebidas Ltda Sabara Compania Administradora Ltda American Participacoes Ltda. COLOMBIA (Companies related to the operation in Colombia). - ---------------------------------------------------------- Panamco Indega SA (97.24% ownership) Embotelladoras de Santander SA Embotelladora del Huila SA (65% ownership) Embotelladora Roman SA Tapon Corona de Colombia SA (40% ownership) Friomix del Cauca SA Comptec SA (20% ownership) VENENZUELA (Companies related to the operation in Venezuela). - ------------------------------------------------------------- The following companies are incorporated in Panama: Embotelladora Coca-Cola y Hit de Venezuela SA Wape Investments Inc. The following Companies are incorporated in Venezuela: Coca-Cola Refrescos Holdings SA Coca-Cola Refrescos SA Panamco de Venezuela SA Distribuidora CCC SA Valores Nirgua SA Comercial Vendosa SA COSTA RICA (Company related to the operation in Costa Rica). - ---------------------------------------------------------- Embotelladora Panamco Tica SA NICARAGUA (Company related to the operation in Nicaragua). - ---------------------------------------------------------- The following Company is incorporated in Panama: Centroamericana Investments SA The following Company is incorporated in Nicaragua: Panamco de Nicaragua SA GUATEMALA (Companies related to the operation in Guatemala) - ----------------------------------------------------------- Embotelladora Central SA Bodegas de Distribucion SA