Mon 10 Sep 2012
Filed under: Business / Trade,Inside Burma,News
Coca-Cola Co. said on Monday that it had shipped drinks to customers in Myanmar, its first delivery to the country in more than 60 years.
After the lifting of U.S. sanctions against the country, formerly known as Burma, Coke is working with local company Pinya Manufacturing Co. to have Coca-Cola, Coca-Cola Light and Sprite distributed throughout the country.
Coke rival PepsiCo Inc. said last month that it had arranged to sell some of its drinks in Myanmar.
Coke, the world’s largest soft drink maker, is working toward establishing a bottling entity in the country with Pinya and intends to start local production as soon as possible, it said.
In June, Coke announced a $3 million grant from its charitable foundation to a non-governmental organization to support women’s economic empowerment and job creation throughout Myanmar.
A Coke spokesman said it was still too early to confirm exactly how much the company would invest in Myanmar, though he said the plan is to invest “significant capital” there over the coming years.
Coke shares were down 24 cents, or 0.6 percent, at $37.66 on the New York Stock Exchange in morning trade.