Diageo Plc’s Kenyan unit has received regulator approval to buy an extra 14.97% stake in Kenya’s East African Breweries.
The offer, worth Ksh 22.73 billion, was made in October 2022 and will bring Diageo’s total stake in EABL to 64%.
The offer represents 14.97% of the issued share capital of EABL, which is listed on the Nairobi Stock Exchange.
The tender offer for the additional shares will open on 6th February 2023 and close on 24th February 2023.
Results of the closing will be announced on 6th March 2023. A second closing on 17th March 2023. The results will be announced on 5th April 2023. The transfer and settlement of shares will commence on 11th April 2023.
East African Breweries Plc’s net income dropped 0.5% to Ksh 8.7 billion in the six months through December, compared with the previous year, the company said in a statement on Thursday. Sales increased by 4.4% to Ksh 57.3 billion.