The Hong Kong-based company Swire Pacific is to pay ¥135.46m for a 24% share of a China joint venture that will pool together certain Coca-Cola non-carbonate assets in the country.

China National Cereals, Oils and Foodstuffs Import and Export Corp will take a 21% share in the new company, while Coca-Cola (China) Investment Ltd will own 17%.

In a legal notice Swire said that an unnamed independent group of nine bottling companies in China and other individual investors will pick up the remaining 38% of the venture.

The name of the new venture will be Coca-Cola Bottling Manufacture Co Ltd.

"The establishment of JV Co will bring the NCB (Non carbonated beverage) manufacturing process and related assets in China together under one company to create economies of scale and efficiency and diversify risk, thus strengthening the economic and technological cooperation between the Promoters in their business operations in respect of NCB and will minimise production costs," a statement said.