The carbonated soft drink giant Coca-Cola Company has deferred plans to list in Africa, citing macroeconomic factors. KO is down 3.20%, while PEP is down 2.15%.
- The firm announced the delay in the listing of its unit Coca-Cola Beverages Africa (CCBA), noting that it is subject to macroeconomic conditions.
- The company said it continues to plan a listing in Africa, and it will continue to look into conditions for a future timing in 2023.
- The planned listing in Africa was first unveiled in April 2021, with a portion of its shareholdings to be sold through an initial public offering.
- CCBA is the eighth-largest Coca-Cola bottling partner in terms of revenue and the biggest in the continent.
- CCBA covers 40% of all Coca-Cola products available in the African market in terms of volume, with over 17,000 employees.
- The Coca-Cola Company currently holds 66.5% in CCBA, while Gutsche Family Investments owns 33.5%.
- CCBA has operations in 14 countries, including key markets South Africa, Kenya, Ethiopia, Uganda, Mozambique, and Namibia.