Nairobi, March 16 -- The government has invited bids for its 43.77 percent stake in wines and spirits firm Kwal Holdings East Africa Limited (KHEAL), which it valued at Sh4.1 billion in the year ended June 2022 according to the latest available disclosures.

The value of the stake, which was raised from Sh3.4 billion in the prior year, is held via Kenya Development Corporation.

The government is also selling its 0.1 percent shareholding in Kenya Wine Agencies Limited (KWAL), the operating subsidiary that is owned by KHEAL.

The Privatisation Authority has invited local as well as foreign investors to bid for the stakes. This has opened the transaction beyond the government's partner in the business -Heineken Beverages- which holds the ma...