Tuesday, October 16, 2018
Advertisement

Coca-Cola to complete acquisition of Chi Limited by Q1 2019

Coca-Cola to complete acquisition of Chi Limited by Q1 2019
September 20
10:58 2018
Advertisement

Peter Njonjo, president of Coca-Cola West Africa, says the company is looking to complete the acquisition of Chi Limited by the end of 2019 first quarter.

Coca-Cola had acquired a 40% stake in the company in January 2016 and had, at the time, expressed interest in increasing the ownership within three years.

“We are still on track to complete the acquisition (of Chi Ltd) by the end of the first quarter of 2019,” Njonjo told Reuters on Wednesday.

He said the company is looking at accessing the lower end of the market hence the introduction of the 30 centilitre bottle of Coke Zero to be sold for N60 compared with the standard 50CL bottle for N80.

Njonjo said the company’s drive to diversify its product range could also give it more flexibility

“We realise that in certain pack formats you can only go down so low. But once you start looking at pouches and still products, like juice and drinking yoghurts, that allows you to start accessing much lower price points,” he continued.

“Affordability will start becoming a bigger issue in this market than it was in the past. As a company, that is what we need to factor in as we are thinking about the future of our business in Nigeria.”

Sources have also said that the company is bidding for GlaxoSmithKline’s Horlicks nutrition business.

 

 

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2018 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Tags
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement

Exchange Rates

October 15, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement