CCBSA’s B-BBEE ownership will be increased to a revised 20% target, with a significant worker ownership component.
“This updated agreement will result in employees increasing their current holding of around 5% in CCBSA to an approximate 15% shareholding in CCBSA,” said Velaphi Ratshefola, MD of CCBSA.
CCBSA has also agreed to additional commitments which will positively impact employees, existing B-BBEE shareholders and South African localisation initiatives.
CCBSA will also be assisting government with the creation of a localisation platform, that sits at the heart of government’s economic recovery plan, by contributing R80m per year for three years to localisation initiatives that form part of the national efforts to rebuild the economy. “We have also undertaken to collaborate with our sugar suppliers to increase the volume of sugarcane procured from Black farmers,” Ratshefola added.
“The commitment from CCBSA to increase the level of worker ownership in the company, deepen the level of transformation in the sugar value chain and support the broader localisation drive in the economy, are important steps in our efforts to create a more inclusive economy in South Africa,” said Minister Ebrahim Patel, Minister of Trade, Industry and Competition. “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.” said Minister Patel
“We want to thank Minister Patel, the DTIC and the Competition Authorities for the constructive and positive engagement which has resulted in an effective solution, in a very challenging environment, that directly benefits both the employees of CCBSA and assists government with their important localisation initiatives, which is fully supported by the Coca-Cola system in South Africa. We look forward to the strengthening of our partnership with government in this way and it underscores our commitment to doing business the right way by creating a better, more inclusive future for all,” Ratshefola concluded.
Coca-Cola Beverages South Africa (CCBSA) is a proudly South African company which began operating as a legal entity in July 2016, after the merger of six non-alcoholic ready to drink bottling operations. We employ over 7000 people at 13 manufacturing facilities across the country.
As a subsidiary of Coca-Cola Beverages Africa (CCBA) and a bottler for The Coca-Cola Company, our vision is to refresh Africa every day and make our continent a better place for all. We manufacture and distribute Coca-Cola beverages that make life’s everyday moments more enjoyable, while doing business the right way. The result is shared opportunity for our customers, our employees, our communities, and our shareholders.
We conduct our business ethically, transparently and conscientiously. We espouse an inclusive business culture to reflect our African identity. We accelerate sustainable, profitable revenue growth across all categories and offer an innovative portfolio of products that respond to customer needs and consumer preferences. Profitability is important, but not at any cost. People matter. Our planet matters. We do business the right way by following our values and partnering for solutions that benefit us all.