Audio By Carbonatix
Coca-Cola Co said on Monday it had dropped plans to refranchise its Africa bottling business, Coca-Cola Beverages Africa (CCBA), and would instead keep its majority stake in the unit for the time being.
The U.S. beverage giant had wanted to refranchise the unit as part of its global plan to divest its manufacturing and distribution assets to focus on main beverage business and boost margins.
“While we remain committed to the refranchising process, we believe it’s in the best interests of all involved for Coca-Cola to continue to hold and operate CCBA,” Coca-Cola said in a statement.
The company said it has had discussions with a number of potential partners. Coca-Cola HBC and rival Coca-Cola European Partners were seen as potential buyers for the unit.
Shares of Coca-Cola HBC were down 7.4%.
Coke in 2016 bought a majority stake in CCBA, the continent’s largest soft drink bottler, with operations in a dozen markets including South Africa, Kenya, Uganda and Tanzania, from Anheuser-Busch InBev SA.
The company said it would reclassify its financial statements from second quarter in 2019 to include CCBA as part of its continuing operationsLatest Stories
-
US jails Nigerian fraud mastermind for 20 years over nationwide bank scam
6 minutes -
Senyo Hosi warns parliament against any move to scrap OSP
12 minutes -
Martin Kpebu’s call for Kissi Agyebeng’s removal is hypocrisy and against accountability – Kojo Asante
13 minutes -
I support Parliament’s call to scrap the OSP – Elikem Kotoko
14 minutes -
OSP should be a department under the AG’s office – Elikem Kotoko
37 minutes -
Majority NDC supporters don’t want NPP to elect Bawumia as Flagbearer – Global InfoAnalytics
1 hour -
OSP director tells Manasseh Azure he can’t do the job better than Kissi Agyebeng
1 hour -
Police rescue young woman, arrest partner in viral domestic abuse case
1 hour -
Kissi Agyebeng has survived two assassination attempts – Sammy Darko reveals
2 hours -
Ghana Scholarships Secretariat schedules Dec. 8 and 9 interviews for Commonwealth applicants
2 hours -
Agric Minister applauds farmers, highlights new era of innovation at National Farmers Day
2 hours -
Five districts in Upper East Region selected for gov’t Farmer Service Centres initiative
2 hours -
Kpebu doubts claims that Akufo-Addo administration interfered with Special Prosecutor
4 hours -
It’s difficult to believe everything the OSP says – Manasseh Awuni
4 hours -
I would’ve blocked Ofori-Atta from leaving Ghana if I were Special Prosecutor – Martin Kpebu
5 hours