Pecohub Coca-Cola Co. reached a deal to sell CHI Ltd., a Nigerian food producer that it bought six years ago in a bid to expand its offerings in Africa’s most populous nation.
UAC of Nigeria Plc, which produces cereals and runs restaurants — didn’t disclose the value of the transaction in a statement Wednesday. The Nigerian company also manages UAC Property Development Co. as well as Chemical and Allied Products Plc, both of which trade on the Lagos-base bourse.
UAC of Nigeria Plc, which produces cereals and runs restaurants — didn’t disclose the value of the transaction in a statement Wednesday. The Nigerian company also manages UAC Property Development Co. as well as Chemical and Allied Products Plc, both of which trade on the Lagos-base bourse.
CHI has a portfolio across dairy products, juices, nectars, still drinks, and snacks, UAC said. The Hollandia brand is the market leader in evaporated milk and drinking yoghurt, while Chivita specializes in juice.
Coca-Cola first acquired a 40% stake in CHI in 2016 for about $240 million before purchasing the rest in 2019.
The transaction, which is subject to regulatory approval, will make UAC one of the biggest food firms in West Africa and the continent.
