Coca-Cola Buys 40% Stake In Chi Ltd

(RTTNews) - The Coca-Cola Company ( KO) announced that it has bought 40 percent stake in Nigeria's Chi Limited from Tropical General Investments Group or TGI Group for undisclosed terms. Coca-Cola intends to increase ownership to 100 percent within three years, subject to regulatory approvals, while working on other long-term commercial structures.

Additionally, the parties have agreed to jointly discuss and explore other opportunities in the region to further develop this relationship.

The company said that the agreement creates a strategic relationship between two beverage industry leaders within Africa's largest economy that together serve Nigeria's most popular sparkling soft drinks, juices, value-added dairy and water beverage brands.

The agreement will allow both companies to leverage their respective investments and expertise to further drive innovation, optimize efficiency and strengthen route-to-market to accelerate growth and increase consumer availability and choice.