Coca-Cola Co. and Johannesburg-based Coca-Cola Beverages Africa (CCBA) announced plans to list CCBA as a publicly traded company.
Coca-Cola intends to sell a portion of its shareholding in CCBA via an initial public offering. The companies intend for an IPO within the next 18 months.
The IPO will allow CCBA to operate as an independent, Africa-focused, South African-headquartered, managed and domiciled business.
“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,” said CCBA chief executive Jacques Vermeulen.
CCBA is the world’s eighth largest Coca-Cola bottler by revenue and the largest on the continent. It accounts for 40% of all Coke products sold in Africa by volume and employs over 16,000 people.
