(Clarifies company name and acronym in May 8 story)
JOHANNESBURG May 8 Coca-Cola Beverages South
Africa (CCBSA) said on Monday it had sold a 17.5 percent stake
in carbonated fruit juice brand Appletiser to investment holding
company African Pioneer Group, as part of a merger agreement
CCBSA also sold a 4 percent stake to Sipho Excellent
Madlala, a manager at CCBSA, as part of merger conditions
stipulating it should sell 20 percent of Appletiser to a black
economic empowerment holding.
Appletiser, a fruit juice based drink, was previously owned
by SABMiller which merged its African soft drink operations with
Coca-Cola to become the continent's biggest Coke drinks
The agreement handed 20 brands including Appletiser, whose
fruit juice concentrate is sourced from South African producers,
SABMiller was acquired by the world's largest brewer,
Anheuser-Busch InBev, in a $100 billion plus deal last
year in one of the largest corporate mergers in history which
takes the company into Africa for the first time.
The sale of the shares will give a seat on the board of
Appletiser to APG and Madlala. Madlala will retain his role in
the company following the transaction, CCBSA said.
African Pioneer Group is a holding company with interests in
fishing, gaming, beverages and mining, engineering & energy.
(Reporting by Tanisha Heiberg Editing by Jane Merriman)