MOROCCO: SMB sells soft drinks for $73m
Quoting senior fund managers, Reuters reported that the company had sold off its soft drink division, which it set up about three years ago as part of a restructuring aimed at separating soft drinks from brewing, to Spain's Equatorial Coca-Cola Bottling Company.
"SBM reached a deal a couple of days ago with Spain's Equatorial Coca-Cola Bottling Company for the sale of its 100 percent-owned SCBG for US$73m," a senior fund manager said.
SBM is owned by France's Castel. As well as the leading brewer SBM also bottles and sells Coca-Cola products in the country.
However Castel bought a controlling stake in the company in April and already has a Moroccan soft drinks company called Cobomi, which is SBM's main domestic competitor with brands such as Orangina and Tops Cola.
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