The South African bottler, Coca-Cola Beverages South Africa (CCBSA) announced their plans to increase their B-BBEE ownership to a 20 percent equity stake for external partners. In an agreement reached alongside the Department of Trade, Industry and Competition (the dtic) and the Competition Authorities, the company seeks to also increase their approximate 8000 employees’ current holdings from 5 to 15 percent. With a contribution of R80 million per annum for the next three years, CCBSA will contribute to the creation of a localisation platform and have undertaken to obtain greater sugar supplies produced by Black sugarcane farmers.
Minister of the dtic, Ebrahim Patel applauded CCBSA’s commitment to increase the level of worker ownership and focus on transformation in the sugar value chain. “These are important steps in our efforts to create a more inclusive economy in South Africa. “It’s an example of what companies can do, and we look forward to others following their lead, as we drive an enhanced model of broad-based transformation, through worker empowerment, in our country,” Minister Patel said.
This news came off the back of a 2019 commitment by Coca-Cola Southern and East Africa to invest R14.9 billion in its regional operations over five years. Those plans include spend on new products, the expansion of capacity, new trucks, innovation and to support the group’s brands.