Coca-Cola Beverages Africa (CCBA), the 8th largest bottling company in the globe in terms of revenue and Africa’s largest has revealed plans to list its shares in the Amsterdam and Johannesburg Stock Exchanges.
According to its parent firm, the Coca-Cola Company, CCBA will issue some of its shares through an initial public offering in the next 18 months.
“The IPO will allow CCBA to operate as an independent, Africa-focused, South African-headquartered, managed and domiciled business,” Business wire reported
Coca-Cola Beverages Africa is a subsidiary of the Coca-Cola Company valued at nearly $6 billion according to a Bloomberg report. It was formed in 2014 after the merger of SABMiller Plc, The Coca-Cola Company, and Gutsche Family Investments. The company has operation in South Africa, Eswatini, Namibia, Mozambique, Tanzania, Uganda, Ghana, Kenya, Ethiopia, Mayotte, Comoros, Botswana and Zambia.
Bruno Pietracci, Africa & Middle East President for the Coca-Cola Company 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”.
Coca-Cola will use one of the world’s largest independent financial advisory companies, Rothschild & Co., as the adviser for the initial public offer.