Castel Malawi Limited finally hands over soft drinks business category to Coca-Cola
The transfer of the business category was delayed as the two companies' management concluded other managerial transactions.
Malawi: Castel Malawi Limited (CML) has completed the long-awaited sale and transfer of the soft drinks business category to Coca-Cola Beverages Limited, writes Watipaso Mzungu.
CML sold its non-alcoholic beverages division, Southern Bottlers Limited (SOBO), to its long-term commercial partner, Coca-Cola Beverages Limited (CCBL), a subsidiary of Coca-Cola Beverages Africa, in February of this year (CCBA).
However, the transfer of the business category was delayed as the two companies' management concluded other managerial transactions.
CML Managing Director Hervé Milhade stated at the handover ceremony that his company's expansion drive will help create more job opportunities, stimulate business growth, and ensure more tax revenue to the treasury for Malawi's economic development.
Milhade thanked his employees and those of Coca-Cola Beverages Limited for their patience as management completed the process.
“May I take this opportunity to thank our employees who are going to join CCBL. My heartfelt farewell to them. They contributed tremendously to the process of turning around the business which was on the verge of collapsing 3 years ago. They will forever remain in our hearts. We are happy that they are joining a solid company and we are wishing them a successful future,” said Milhade.
Milhade expressed his company's commitment to continue providing world-class products and services to its customers for the benefit of its employees, stakeholders, and the Malawi economy.
CML recently gave its employees a 'above-market cost of living adjustment of 20% on basic salary' to cushion them from the effects of Malawi's recent currency devaluation.