Coca-Cola owns 66.5% of the bottling unit while the remaining 33.5% is owned by Gutsche Family Investments. Deliberations are at an early stage and details of the offering could change, the people said.

A spokesperson for Coca-Cola declined to comment beyond an earlier statement that the company “remains committed to successfully listing Coca-Cola Beverages Africa as a public company via an initial public offering once market conditions become more favorable.” A representative for Gutsche Family Investments referred queries to Coca-Cola.

Coca-Cola first announced in 2021 its intention to sell a portion of its shareholding in the unit via an IPO but the plan was put on ice the following year.

Coca-Cola Beverages Africa is the eighth largest Coca-Cola bottling partner worldwide by revenue and the biggest on the continent, accounting for about 40% of all Coca-Cola volumes sold in Africa. The unit now operates in about 15 African countries including Kenya, Ethiopia, Namibia and Tanzania, employing more than 18,000 people, according to its website.