This is not a paywall.

Register for free to continue reading.

We made a promise to you that we’ll never erect a paywall and we intend to keep that promise. We also want to continually improve your reading experience and you can help us do that by registering with us. It’s quick, easy and will cost you nothing.

Nearly there! Create a password to finish up registering with us:

Please enter your password or get a login link if you’ve forgotten

Open Sesame! Thanks for registering.

Ramaphosa's energy plan Webinar banner

We'd like our readers to start paying for Daily Maverick

More specifically, we'd like those who can afford to pay to start paying. What it comes down to is whether or not you value Daily Maverick. Think of us in terms of your daily cappuccino from your favourite coffee shop. It costs around R35. That’s R1,050 per month on frothy milk. Don’t get us wrong, we’re almost exclusively fuelled by coffee. BUT maybe R200 of that R1,050 could go to the journalism that’s fighting for the country?

We don’t dictate how much we’d like our readers to contribute. After all, how much you value our work is subjective (and frankly, every amount helps). At R200, you get it back in Uber Eats and ride vouchers every month, but that’s just a suggestion. A little less than a week’s worth of cappuccinos.

We can't survive on hope and our own determination. Our country is going to be considerably worse off if we don’t have a strong, sustainable news media. If you’re rejigging your budgets, and it comes to choosing between frothy milk and Daily Maverick, we hope you might reconsider that cappuccino.

We need your help. And we’re not ashamed to ask for it.

Our mission is to Defend Truth. Join Maverick Insider.

Support Daily Maverick→
Payment options

Coca-Cola to Delay IPO of Africa Bottler on Market Turm...

Business Maverick

Business Maverick

Coca-Cola to Delay IPO of Africa Bottler on Market Turmoil

Plastic bottles of Coke soda move along the automated production line at the Coca-Cola Hellenic Bottling Co. SA plant in Brovary, Ukraine, on Wednesday, May 10, 2017. Heineken NV, Coca-Cola HBC AG and Castel Group are among companies bidding for a majority stake in Coca-Cola Beverages Africa, according to people familiar with the matter. Photographer: Vincent Mundy/Bloomberg
By Tim Cohen
14 Jun 2022 0

Coca-Cola Co. delayed the planned initial public offering of part of its stake in an African bottler of its products, saying a rescheduled listing would depend on improved market conditions.

The Atlanta-based soft-drink giant is the latest company to pull back on a sizeable listing as market sentiment continues to worsen. The company set the IPO plan for Coca-Cola Beverages Africa in April 2021, part of its effort to focus resources on brand building and innovation, but is now eyeing an IPO in 2023, according to a statement Tuesday.

Global IPOs have slowed dramatically this year as market volatility fueled by the war in Ukraine, rising interest rates, a darkening economic growth outlook and roaring inflation all weigh on risk appetite.

Several sizable listings have been delayed in recent weeks, with London law firm Mishcon de Reya and FWD Group Holdings, an Asian insurer backed by billionaire Richard Li, among those throwing in the towel. In January, file-sharing company WeTransfer scrapped an IPO in Amsterdam, where Coca-Cola had been planning to list the African unit.

Read More: Market Rout Evokes Memories of Trading Before Lehman Blowup

The drinks company’s shares were down 2.3% in New York trading at 10:30 a.m.

Coca-Cola holds a majority stake in CCBA, having paid $3.15 billion in 2016 to buy Anheuser-Busch InBev out of the African bottling joint venture following the latter’s acquisition of SABMiller.

(Updates with IPO market reversal in second paragraph)
© 2022 Bloomberg L.P.

Comments - share your knowledge and experience

Please note you must be a Maverick Insider to comment. Sign up here or sign in if you are already an Insider.

Everybody has an opinion but not everyone has the knowledge and the experience to contribute meaningfully to a discussion. That’s what we want from our members. Help us learn with your expertise and insights on articles that we publish. We encourage different, respectful viewpoints to further our understanding of the world. View our comments policy here.

No Comments, yet

Please peer review 3 community comments before your comment can be posted