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Coca-cola to keep stake in Africa unit

NEWS
By Standard Reporter | May 21st 2019 | 1 min read
By Standard Reporter | May 21st 2019
NEWS

The Coca-Cola Company said yesterday it would maintain its majority stake in Coca-Cola Beverages Africa (CCBA) for the foreseeable future.

This means Coca-Cola will begin presenting the financial statements of CCBA within its results from the second quarter of this year, in accordance with US accounting standards.

CCBA has been accounted for as a discontinued operation since Coca-Cola became the controlling share-owner in October 2017.

Coca-Cola previously announced its intention to refranchise CCBA, which is the largest bottler of Coca-Cola beverages in Africa, serving 12 countries.

The company has had discussions with a number of potential partners.

“Coca-Cola Beverages Africa is a very important part of the Coca-Cola system, and we see great opportunities to create even more value,” said Coca-Cola President and Chief Operating Officer Brian Smith.

“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.”

CCBA’s results will be reported as part of the Bottling Investments Group segment.

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