Nairobi, Feb. 29 -- Mauritius-incorporated firm Phoenix Beverages Limited (PBL) has received approval to acquire a 28.15 percent stake in a local firm that manufactures alcoholic and non-alcoholic beverages.

The Competition Authority of Kenya (CAK) on Wednesday announced it had cleared PBL to acquire the minority stake in Africa Originals Limited, an England and Wales incorporated firm that owns Savannah Brands Company. The value of the deal has not been made public.

"This approval has been granted on the finding that the transaction is unlikely to negatively impact competition in the market for manufacture, processing, distribution and sale of alcoholic ciders, alcoholic spirits and non-alcoholic ready-to-drink beverages," said the CAK...