Coca-Cola Beverages Africa (CCBA) is set to acquire stakes in two of Kenya’s Coca-Cola franchises. Centum Investments, a quasi-Kenya Government agency announced on Wednesday it has agreed to sell its 53.9% and 27.6% stakes held in Almasi Beverages Limited and Nairobi Bottlers Limited to Coca-Cola Sabco East Africa, the South African co-owner of CCBA at a cost of 19.5bn Kenyan shillings ($192.5m).
The transaction which is expected to close in the next four months will see CCBA take 100% ownership of Nairobi Bottlers Limited from 72.4% stake it held before the announcement.
“The completion of the acquisition by CCBA of majority stake in Almasi Beverages Limited from Centum is subject to various conditions, inter alia, regulatory approvals from Competition Authority of Kenya,” Centum CEO James Mworia said in a notice to shareholders.
CCBA has been consolidating its holdings in the Southern and East African markets. In 2017, it took control of Kisumu, Kenya-based Equator Bottlers in Western Kenya. In December 2018, it acquired Zambia Breweries’ owned Kalundu Beverages Limited, trading as Coca-Cola Beverages Zambia. This was followed by the acquisition of Fairy Bottling Zambia Limited, a maker of Super Maheu (fermented maize beverage), Aqua Savana and other soft drinks trademarks in February 2019.