Soft-drink maker Pokka Corp. said it will sell all of its equity holdings in a wholly owned U.S. subsidiary to Coca-Cola Co. in December.

Pokka said 1,000 outstanding shares of Pokka USA Inc., based in American Canyon, Calif., will be sold to the Atlanta-based U.S. soft drink giant for $53 million on Dec. 30, bringing in estimated capital gains of 3.7 billion yen on a group basis.

Most of the proceeds from the sale will be used to focus on domestic operations, Pokka said.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.