Coca-Cola Beverages Africa (CCBA) says it plans to list its shares in the Amsterdam and Johannesburg Stock Exchanges through an initial public offering in the next 18 months.
In a statement, the beverages company said the listing in line with Coca-Cola Company’s objective of focusing its resources on building consumer-loved brands and innovation.
“The IPO will allow CCBA to operate as an independent, Africa-focused, South African-headquartered, managed and domiciled business,” the statement reads.
Coca-Cola will use one of the world’s largest independent financial advisory companies, Rothschild & Co., as the adviser for the initial public offer.
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 Beverages Africa is the 8th largest Coca-Cola bottling partner in the world by revenue and the largest on the continent. It accounts for 40 per cent of all Coca-Cola products sold in Africa by volume.
The group was formed in July 2016 after the successful combination of the Southern and East Africa bottling operations of the non-alcoholic ready-to-drink beverages businesses of The Coca-Cola Company, SABMiller plc and Gutsche Family Investments. CCBA shareholders are currently: The Coca-Cola Company 66.5% and Gutsche Family Investments 33.5%. CCBA’s African footprint now encompasses South Africa, Ghana, Ethiopia, Uganda, Kenya, Tanzania, Namibia, Mozambique, Comoros, Mayotte, Zambia, Botswana, Eswatini and Lesotho.