Drink giants Coca-Cola have announced the 100% takeover of Chi Limited, taking its partial ownership to a full one.
This was contained in a statement in which the company stated that it has now increased its interest in the company from the 40% in 2016 to a complete ownership.
“Coca-Cola is continuing to evolve as a total beverage company, and Chi’s diverse range of beverages perfectly complements our existing portfolio, enabling us to accelerate expansion into new categories and grow our business in Africa,” said the company through Peter Njonjo the President of the West African side of the company.
“We will support the Chi management team in building on the company’s remarkable heritage and achievements while using the scale of the Coca-Cola system to replicate their success in more markets across Africa.”
Chi currently produces its Chi Exotic juices, Caprisonne and Hollandia Yogurt.
According to TheCable, Njonjo in an earlier interview had given some insight into Coca-Cola’s idea to diversify its product within the Nigerian space.
“We realise that in certain pack formats you can only go down so low. But once you start looking at pouches and still products, like juice and drinking yoghurts, that allows you to start accessing much lower price points,” he said.
“Affordability will start becoming a bigger issue in this market than it was in the past. As a company, that is what we need to factor in as we are thinking about the future of our business in Nigeria.”