East African Breweries has issued a clarification on the proposed sale of Diageo’s 65 percent stake to Japan’s Asahi Group. In a statement, the brewer says that the transaction is strictly between the two shareholders and does not involve EABL itself. The company says the decision by Diageo to divest was made independently and long after its 2023 tender offer, and that EABL’s board was only notified this week. EABL has also reassured investors that the transaction will have no impact on its financial performance, balance sheet, or its 20-billion-shilling medium-term note programme, whose first tranche was issued in November. The company adds that operations will continue as normal in Kenya, Uganda, and Tanzania, with no changes expected to its brands, licences or existing business relationships. The clarification comes in the wake of queries about whether there was sufficient material disclosure of the sale to Asahi before the launch of the medium term note that has since been listed at the Nairobi Securities Exchange.
