Coca-Cola Company (NYSE:KO) Stands To Lose, Financially
Keep Australia Beautiful is a very prominent and trusted environment group in Australia that receives funding from The Coca-Cola Company (NYSE:KO). The group is now lobbying governments to oppose a certain Bottle & Can recycling scheme. Over 1/4th of the organization’s revenue is funded by the global giant.
A loss that could take place
Thus, it is but natural that critics are questioning the credibility of the environment group because of its Coca-Cola connection. Representatives of the group have been working in tandem to lobby the state governments in Australia, to reject the national-container scheme and find an alternative for it. In the Northern Territory as well as in South Australia, consumers are given a refund of 10 cents whenever they return a can or a bottle to any depot. If this proposal is approved, The Coca-Cola Company (NYSE:KO) stands to lose, financially.
In the current financial year, The Coca-Cola Company (NYSE:KO) donated $441,000 to
Keep Australia Beautiful. But Peter McLean, the Chief Executive of the environment group said that despite the funding, they are not a mouthpiece for the company.
In Friday’s trading session, Coca-Cola Company (NYSE:KO) dropped by 0.88%. The opening price of the shares was $38.57 which rose to an intraday high of $38.58 and dropped to a close of $38.40. Approximately 12.61 million shares were traded on Friday and the average volume of shares traded over a 30 day period was $14.68 million. The 52-week low of the shares was $235.586.99 and the 52-week high was $43.43.
The Coca-Cola Company (NYSE:KO) was incorporated on 5 September 1919. It is a beverage-company. It owns, licenses and markets over 500 non-alcoholic beverage-brands. These are mainly sparkling beverages but it also has a range of still beverages, like waters, enhanced-waters, juices as well as juice-drinks, “ready-to-drink” coffees and teas and sports and energy drinks