Coca-Cola Company and Coca-Cola Beverages Africa (CCBA), the 8th largest Coca-Cola bottling partner in the world by revenue, and the largest on the continent, has announced its intentions to list its African business as a publicly traded company on the Amsterdam and Johannesburg Stock Exchanges, with Amsterdam being the primary exchange.
The largest bottling company in the world by revenue in an announcement revealed that it plans to sell out a portion of its shareholding in the African subsidiary through the means of an initial public offering; stating that the decision is in line with its objective to focus its resources on building consumer-loved brands and innovations.
According to the Coca-Cola Company, the public offering will allow the African business unit to operate as an independent, African-focused, South Africa headquartered, managed and domiciled business entity. Meanwhile, the plans underscore the company’s continued long term belief and commitment to the continent and the Coca-Cola Company leadership from South Africa.
Bruno Pietracci, president of the Africa operating unit of The Coca-Cola Company, in a statement on the planned public offer said, “The Coca-Cola Company sees Africa as a key growth market and views a separate listing of CCBA as an opportunity to deliver a broad, supportive, long-term investor base for the ongoing development of the business.”
Also commenting on the development was Jacques Vermeulen, CEO of Coca-Cola Beverages Africa, who said, “A standalone listing for CCBA will enable the bottler to build on its growth trajectory and access capital independently to meet the investment needs of the business, which is great for stakeholders across Africa.”
Jacques further revealed that the exact timing for the listing will be driven by a number of factors including macroeconomic conditions as the companies intend to become a publicly-traded company within the next 18 months.
Meanwhile, Rothschild & Co. has been retained by the Coca-cola co
Frontpage September 25, 2019