Coca-Cola Records $393M Loss in Chi Limited Sale, Exits Nigeria Market

Coca-Cola incurred a $393 million loss in the sale of Chi Limited, ending its direct operations in Nigeria's juice and dairy market. The sale included brands like Hollandia and Chivita to UAC Nigeria PLC.

Coca-Cola initially acquired a 40% stake in Chi Limited in 2016, eventually gaining full ownership in 2019 for a total investment of approximately $694.5 million. The sale price to UAC Nigeria PLC was not disclosed, but the transaction reflects a lower book value for Chi Limited.

UAC Nigeria PLC is raising funds for the acquisition through commercial papers with the support of Stanbic IBTC Capital.