Coca-Cola has raised its stake to 66.03% in its subsidiary Coca-Cola Juices Kenya through bottling companies that sell its products across the country.
This move comes after the local shareholders failed to completely participate in a rights issue, according to sources familiar with the matter.
The remaining 37.07% stake is owned by local shareholders, including bottling firms such as Kisii Bottlers, Mount Kenya Bottlers, Rift Valley Bottlers, Coast Bottlers and Nairobi Bottlers.
Commenting on the transaction, Nairobi Bottlers director and shareholder Chris Kirubi said that the bottling companies have for some time wanted to exit the deal and leave Coca-Cola Company to run the juice business.
Coca-Cola Juices Kenya, formerly Beverage Services Kenya, is a unit of the Coca-Cola system, and is dedicated to juice production within the Central East & West Africa business unit.
This acquisition is expected to bolster the company's position, as it will now have complete control of the juice firm.
