* To spend 181 million euros on capital return
* Says transaction not seen affecting key financial ratios
* Shares up 0.3 percent
(Adds CEO comment, detail)
ATHENS, March 18 (Reuters) - Greek group Coca-Cola Hellenic , the world's second largest bottler of Coca-Cola products, is to pay 0.50 euro per share to investors, or a total 181 million euros ($254 million), as a capital return.
Last month, CCH reported weak fourth-quarter profit and said it would not pay a dividend on 2010 earnings due to a Greek tax law which prevents its repatriating dividends earned abroad. It said it would likely return capital.
"The proposed transaction is expected to be financed from the cash position of the company and is subject to shareholder and regulatory approval," CCH said on Friday. The proposed capital return was expected to be paid out on June 21.
CCH shares were up 0.3 percent at 0855 GMT.
"The proposed transaction will provide value to our shareholders and the company will benefit from a more efficient and flexible capital structure", chief executive Doros Constantinou said.
The transaction should not impact key financial ratios materially and CCH will continue to maintain sufficient financial flexibility to pursue growth opportunities, he said.
CCH bottles and distributes Coke, Sprite and Fanta in 27 countries in Europe and Nigeria. (Reporting by Angeliki Koutantou; Editing by Dan Lalor) ($1 = 0.7137 euro)