CHINA: COFCO sells on Coke JV stakes – report

By just-drinks.com editorial team | 7 August 2006

China National Cereals, Oils & Foodstuffs Corp. (COFCO) is shifting ownership of its stakes in eight jointly-held beverage production sites, according to local reports.

Chinese paper Singtao Daily said today (7 August) that the state-owned company will move its holding to its listed unit. The stakes, worth over CNY1bn (US$125.5m), will be sold to Hong Kong-listed COFCO International, the paper cited a source as saying.

In 2000, COFCO and Coca-Cola formed a joint venture to make and sell drinks in the country. COFCO holds a 65% stake in COFCO Coca-Cola Beverages, with Coke holding the remaining 35%.

The paper noted that the venture owns over 20 plants in China and sells beverages to 14 provinces.

Sectors: Soft drinks, Water

Companies: Coke