Business

Coke to take over sports drink brand BodyArmor for $5.6B

Published

3 years ago

01/11/2021

MNN

Coca-Cola bought a minority stake in BodyArmor in 2018, becoming the brand’s second-largest shareholder.

Coca-Cola has been preparing to take full control of the sports drink group BodyArmor in a deal worth $5.6 billion, the Wall Street Journal reported.

Coca-Cola already holds a 30 percent stake in the sports drink group.

The buyout, which would value BodyArmor at about $8 billion, would see the soda giant buy the remaining 70 percent from BodyArmor’s founders and investors, as well as a group of professional athletes who have invested in the company.

BodyArmor was backed at its founding in 2011 by basketball star Kobe Bryant, who died in a helicopter crash in early 2020 and had invested $6 million in the company.

The Journal reported that Bryant’s estate should collect about $400 million from the deal, citing people close to the case.

Coca-Cola said it does not comment on rumours or speculation, while BodyArmor did not immediately respond to a request for comment.

BodyArmor expects sales growth

BodyArmor is a competitor to industry giant Gatorade, which is owned by PepsiCo, Coca-Cola’s main business rival.

BodyArmor expects sales to reach $1.4 billion this year, compared to $250 billion in 2018 when Coca-Cola first invested in the company.

Coca-Cola has been streamlining its products in recent months to focus on its fast-moving beverages as consumers pick up more of its traditional sodas and flavoured sparkling waters as they come out of the pandemic.

The beverage giant discontinued its own Coca-Cola Energy drink in North America in May, but retained its majority stake in Monster Beverage Corp, one of the top energy drink makers in the United States.

Source: TRTWorld and agencies

Business

Maldives records USD 802.2 million in first four months

Published

3 hours ago

19/05/2024

The Ministry of Finance has disclosed that the state received USD 802.2 million in revenue during the first four months of this year, marking a significant 4.2% increase compared to the same period last year.

This revenue breakdown comprises USD 660 million in tax revenue, USD 129.4 million in non-tax revenue, and USD 5 million in aid to administration.

Tax revenue is primarily derived from Import Duty, Business and Property Tax (BPT), and Goods and Service Tax (GST), with figures as follows:

– Import Duty: USD 60.3 million
– BPT: USD 168.2 million
– GST: USD 375.2 million
– Green Tax: USD 27 million
– Airport Service Charge and Departure Tax: USD 25.1 million

Moreover, financial data indicates that the current administration has notably reduced overall expenses compared to the previous year.

Total government expenditures for the first four months of this year stand at USD 925.1 million, a significant decrease from last year’s USD 1.04 billion. This includes USD 724.6 million in recurrent expenses and USD 194.1 million in capital expenditure. Recurrent expenses prominently consist of USD 284.7 million in salaries and allowances and USD 433.4 million in administrative expenses, while capital expenditures primarily involve infrastructural development projects.

Source(s): PsmNews

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

3 days ago

16/05/2024

Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

Business

Dubai company awarded the development of SEZ

Published

7 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews