East African Breweries Limited has completed the acquisition of an additional 30 per cent stake in Serengeti Breweries Limited to take its total holding in the company to 85 per cent.
“On 21 October 2020 and on 6 November 2020, EABL completed the acquisition of 13.3 per cent and 16.7 per cent, respectively, of shares in Serengeti Breweries Limited for a total consideration of $55 million (£42 million) in cash and £16 million in the form of shareholder loans outstanding to EABL,” Diageo wrote in a note to investors.
The brewer operates across East Africa through its subsidiaries: Kenya Breweries Limited (KBL), Uganda Breweries Limited (UBL), Serengeti Breweries Limited (SBL) in Tanzania, UDV (Kenya) Limited, East African Beverages (South Sudan) Limited and East African Maltings Limited (EAML) in Kenya.
According to its 2020 annual report, overall, net sales in Tanzania grew 14 per cent, with sustained growth of the Serengeti family at 19 per cent, supported by double-digit growth in sales of Pilsner, Guinness, and mainstream spirits.
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