Coca Cola company has completed its acquisition of Chi Limited. The company announced this in a notice posted on its website.
In 2016, Coca Cola Company and Tropical General Investments Group (TGI Group) – the holding company of Chi Limited – had announced a binding agreement which saw Coca-Cola Company acquire an initial minority equity shareholding in Chi Limited with plans to increase ownership to 100 percent within three years, subject to regulatory approvals.
President of its West African unit Peter Njojo had in September last year, stated that the acquisition would be completed in the first quarter of 2019.
Pan African expansion
Coca Cola may be considering plans to expand sales of the CHI brand, across Africa, going by a statement made by the President of its West African Unit Peter Njojo
“coca-cola is continuing to evolve as a total beverage company, and chi’s diverse range of beverages perfectly complements our existing portfolio, enabling us to accelerate expansion into new categories and grow our business in africa. we will support the chi management team in building on the company’s remarkable heritage and achievements while using the scale of the coca-cola system to replicate their success in more markets across africa.”
The Coca-Cola Company headquartered in Atlanta, Georgia, but incorporated in Wilmington Delaware, is an American multinational beverage corporation, manufacturer, retailer, and marketer of non-alcoholic beverage concentrates and syrups.
The company is best known for its flagship product Coca Cola (or Coke in some markets) invented in 1886 by pharmacist John Pemberton.
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CHI Limited was founded in 1980, and was part of the Tropical General Investment (TGI) conglomerate, with diverse business interests in food, healthcare, agriculture, engineering, and other industries. The company is into the production of fruit drinks, fruit juices, dairy products and snacks. Popular brands include Chivita fruit juice and Hollandia yogurt.