Coca-Cola Beverages South Africa (CCBSA) will increase the stake held by employees and black empowerment investors in the company to 20%, it said on Friday.
By Reuters Staff
2 Min Read
JOHANNESBURG (Reuters) - Coca-Cola Beverages South Africa (CCBSA) will increase the stake held by employees and black empowerment investors in the company to 20%, it said on Friday, in a bid to meet merger conditions laid out by competition authorities.
Bottles of Coca-Cola are displayed at a supermarket.
REUTERS/Arnd Wiegmann
In 2014, the Coca-Cola Company and SABMiller Plc reached an agreement with the majority shareholder of a company which bottled Coca-Cola’s products to combine the bottling operations of their non-alcoholic beverages businesses in Southern and East Africa, which led to the creation of CCBSA’s parent company.
Forbes Africa
Published 2 months ago
By David Dawkins, Ariel Shapiro, Momina Khan, Jennifer Wang, Chase Peterson-Withorn and Kerry A. Dolan
In Africa as elsewhere in the world the wealthiest have come through the pandemic just fine. The continent’s 18 billionaires are worth an average $4.1 billion, 12% more than a year ago, driven in part by Nigeria’s surging stock market. For the tenth year in a row, Aliko Dangote of Nigeria is the continent’s richest person, worth $12.1 billion, up by $2 billion from last year’s list thanks to a roughly 30% rise in the share price of Dangote Cement, by far his most valuable asset. The second richest is Nassef Sawiris of Egypt, whose largest asset is a nearly 6% stake in sportswear maker Adidas. At number three: Nicky Oppenheimer of South Africa, who inherited a stake in diamond firm DeBeers and ran the company until 2012, when he sold his family’s 40% stake in DeBeers to mining giant AngloAmerican for $5.1 billion.
Employment and wealth creation
Although Johannesburg is creating wealth, economic growth does not automatically translate into a general improvement in the standard of living.
It is crucial for an economy to grow at a pace faster than the rate at which the population is growing so that there will be more resources available for each person. In addition, it creates new jobs at a rate that will significantly reduce unemployment over time. Permanent employment in the formal sector is probably the most important factor for sustainable improvement in the standard of living, given the benefits associated with a permanent formal job.
Nearly 5 per cent of India s total Union Budget 2020-21 would be spent on schemes that benefit women, stated the gender budget for the year. Amounting to Rs 1.4 lakh crore ($19 billion) in 2020-21, the gender budget includes allocations made by different ministries for schemes that fully or partially benefit women. Gender-responsive budgeting, along with supportive laws and other policy measures, could help governments track whether public funds are effectively allocated in furthering gender equality and empowering women. India was ranked 112th of 153 countries on the Global Gender Gap Index 2020. India started releasing a Gender Budget along with the Union Budget in 2005-06. Ahead of the Union Budget 2021-22, we analyse how useful, or not, gender budgets have proved to be.