Nairobi, Aug. 2 -- East African Breweries Limited #ticker:EABL has completed acquisition of additional 30 percent stake in Tanzanian subsidiary for $55 million (Sh5.98 billion), raising its ownership to 85 percent.
EABL, majority-owned by UK's Diageo, had disclosed plan to increase its stake in Serengeti Breweries in March 2020 after identifying the Tanzanian market as promising for growth of beer and spirits business.
"We got one minority shares. We decided to buy them out and they also wanted to sell. The shareholding changed from 55 to 85 percent," EABL managing director Jane Karuku said without giving further details.
British drinks group Diageo disclosed EABL acquired the 30 percent stake late last year for $55 million (Sh5.98 billi...