Coca-Cola Beverages South Africa (CCBSA), the South African unit of the newly formed Coca-Cola Beverages Africa (CCBA) said on Monday it has sold 21.5% of its shareholdings in Appletiser brand to group of investors and employees.

The sale includes the disposal of 17.5% of its stake in Appletiser South Africa (ASA) to black South African owned investment company – African Pioneer Group (APG) and additional 4% stake sold to Sipho Excellent Madlala, a 20-year veteran of Coca-Cola Beverages South Africa. The values of the respective transactions were not disclosed.

The sale is designed to empower more black shareholders to have a stake in the company

The sale is part of the merger conditions agreed to with the South African Competition Tribunal to allow for the creation of Coca-Cola Beverages Africa (CCBA), which was formed from a combination of the Coca-Cola Company’s South African business with Coca-Cola Sabco and SABMiller’s non-alcoholic African business.

Appletiser is a fruit juice based drink previously owned by SABMiller. As part of the creation of CCBA, the business was sold to the Coca-Cola Company (TCCC) for $260m.

The products are sold in southern African countries, Japan, Australia, New Zealand, Hong Kong, Mauritius and Swaziland.