NAIROBI (Dow Jones)-East Africa Breweries Ltd., or EABL,
(KBL.NR) has suspended plans to sell its 20% stake in Tanzania
Breweries indefinitely, the Business Daily reports Tuesday.
The share sale was intended to raise about 7 billion Kenyan
shillings ($69.6 million) from the Dar es Salaam Stock Exchange,
part of the KES22.5 billion required to buy back the 20% stake of
Kenya Breweries currently held by SABMiller PLC (SAB.JO). The sale
would have opened Monday and closed on Nov. 11, the Kenyan daily
said.
"EABL confirms that although approval of the Capital Markets and
Securities Authority was received on October 17, the public offer
will not open on October 24,"the daily quoted the Kenyan-based
brewer as saying in an advertisement published in the Tanzanian
Daily News newspaper. It didn't disclose reasons for the delay.
It wasn't immediately possible to obtain a comment from EABL's
head office in Nairobi.
U.K.-based brewer Diageo PLC (DEO), holds 50.03% stake in
EABL.
Full Story:
http://www.businessdailyafrica.com/Corporate+News/EABL+postpones+Tanzania+share+offer+/-/539550/1261066/-/tppfrpz/-/index.html
-By George Mwangi, contributing to Dow Jones newswires; +254 735
781 853; gmwangi0@gmail.com