9 August 2006 - China National Cereals, Oil & Foodstuffs Import & Export Corp (COFCO) has issued a clarification after Hong Kong-based newspaper Sing Tao Daily said that the company would sell its 65% stake in the COFCO Coca-Cola Beverages Ltd joint venture to Hong Kong-listed COFCO International Ltd.
COFCO said it does not rule out the sale of 8 beverage plants as announced by the daily, however, the move would only happen in the long term.
The deal would reportedly involve total assets of 1 billion yuan (USD 125 million).
COFCO and Coca-Cola set up the COFCO Coca-Cola Beverages Ltd. joint venture in April 2000 in order to produce and sell carbonated beverages in China.