{"id":3971,"date":"2021-02-06T19:35:50","date_gmt":"2021-02-06T19:35:50","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=3971"},"modified":"2021-02-06T17:57:26","modified_gmt":"2021-02-06T17:57:26","slug":"coca-colas-sa-bottler-to-increase-black-ownership-stake-to-20","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/coca-colas-sa-bottler-to-increase-black-ownership-stake-to-20","title":{"rendered":"Coca-Cola&#8217;s SA bottler to increase black ownership stake to 20%"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/south-africa\">South-Africa<\/a>. <\/strong><\/span><b>Nqobile Dludla<\/b><\/p>\n<p>JOHANNESBURG &#8211; Coca-Cola Beverages South Africa (CCBSA) will increase the stake held by employees and black empowerment investors in the company to 20%, it said on Friday, in a bid to meet merger conditions laid out by competition authorities.<\/p>\n<p>In 2014, the Coca-Cola Company and SABMiller Plc reached an agreement with the majority shareholder of a company which bottled Coca-Cola&#8217;s products to combine the bottling operations of their non-alcoholic beverages businesses in Southern and East Africa, which led to the creation of CCBSA&#8217;s parent company.<\/p>\n<p>The parent company is Coca-Cola Beverages Africa.<\/p>\n<p>The merger required the parties to increase black empowerment ownership of CCBSA, a government rule meant to reverse decades of economic exclusion of black people under apartheid.<\/p>\n<p>Companies in South Africa are required to meet rules of a scheme called Black Economic Empowerment (BEE) which allows black employees and investors to hold equity in the company. This makes a company more likely to qualify for government tenders.<\/p>\n<p>The deal will see nearly 8,000 employees increase their current holding of around 5% in CCBSA to an approximate 15% shareholding, CCBSA Managing Director, Velaphi Ratshefola and Minister of Trade, Industry and Competition Ebrahim Patel said in a joint statement.<\/p>\n<p>Adding to the company&#8217;s external BEE partners, the combined equity stake will be 20%, Patel said.<\/p>\n<p>In June the company said every employee will receive an equal allocation of shares regardless of staff level, race or years of service.<\/p>\n<p>CCBSA, a bottler for the Coca-Cola Company, will also be contributing R80m per year for three years to the government&#8217;s localisation initiatives.<\/p>\n<p>&#8220;We have also undertaken to collaborate with our sugar suppliers to increase the volume of sugarcane procured from black farmers,&#8221; Ratshefola added.<\/p>\n<p><b>Reuters<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. Nqobile Dludla JOHANNESBURG &#8211; Coca-Cola Beverages South Africa (CCBSA) will increase the stake held by employees and black empowerment investors in the company to 20%, it said on Friday, in a bid to meet merger conditions laid out by competition authorities. In 2014, the Coca-Cola Company and SABMiller Plc reached an agreement [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":3970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-3971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Coca-Cola&#039;s SA bottler to increase black ownership stake to 20% - South Africa<\/title>\n<meta name=\"description\" content=\"Nqobile Dludla JOHANNESBURG - Coca-Cola Beverages South Africa (CCBSA) will increase the stake held by employees ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/coca-colas-sa-bottler-to-increase-black-ownership-stake-to-20\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coca-Cola&#039;s SA bottler to increase black ownership stake to 20%\" \/>\n<meta property=\"og:description\" content=\"Nqobile Dludla JOHANNESBURG - 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