Coca-Cola and Tropical General Investments (TGI) Group have, over the weekend, announced a binding agreement to invest strategically in Chi Limited, an agreement that would further leverage Coca Cola’s expanding presence and commitment in Nigeria and Africa at large.
TGI Group is the majority shareholding company of Chi Limited, the popular dairy and juice beverage in Nigeria, whose brands spreads across Africa. For more than 30 years, it has invested in building emerging markets in fast moving consumer goods.
On an initial agreement, Coca-Cola made a minority 40% equity investment in Chi Ltd. and in the next three years intends to increase ownership to 100%. Both parties, amongst other benefits, look forward to advancing mutually through accelerated growth and an increasing availability of options for consumers.
Chi Limited was incorporated in 1980. It is a Food and Beverage company in Nigeria, serving household brands such as Chivita, Chi Ice Tea, Hollandia, Capri-Sonne, Super Bite and Beefie, employing over 1,400 Nigerians.
In 1928, Coke was first poured in Johannesburg, South Africa. In 2014, The Coca-Cola Company announced an increased investment in Africa to a total of $17 billion from 2010 to 2020. Today, it employs more than 70,000 people in 145 bottling and canning facilities in Africa alone. It features amongst many brands Coca Cola (world’s most famous brand), Diet Coke, Fanta, Sprite, and Eva Water.
Coca-Cola has been investing in Nigeria for more than 60 years; by this bond, both companies have over 100 years of serving Nigerians through beverage production, job creation, and community development.