Thando Maeko
2 minute read
9 Feb 2021
6:23 am

Workers to own 20% of Coca-Cola in BEE share scheme

Thando Maeko

Coca-Cola will collaborate with its sugar suppliers in South Africa to increase the volume of sugar procured from black sugar cane farmers.

A video of an Australian politician purporting to show that a glass of Coca-Cola tested positive for Covid-19 in a rapid antigen test was viewed thousands of times in multiple posts on Facebook, Instagram and Twitter. Picture: iStock

Eight thousand black workers at Coca-Cola Beverages South Africa (CCBSA) are set to own 20% of the company in a new black economic empowerment (BEE) share scheme. Workers currently hold about 5% of Coca-Cola equity. The deal is part of the conditions of Coca-Cola’s 2016 merger with former partner SABMiller, now part of brewer Anheuser-Busch InBev. The Competition Tribunal on Thursday last week said the deal can go ahead subject to several conditions, including increased worker ownership in Coca-Cola as well as obligations relating to localisation and procurement. Workers who participate in the scheme will also be able to nominate...