East African Breweries delays sale
FMCG SUPPLIER NEWS
Business Day - Oct 25th 2011, 08:23
SABMiller official confirms delay saying the process was awaiting approval of some documents by parties including Tanzania’s capital markets regulator
Kenyan-based East African Breweries said yesterday that the sale of its 20% stake in SABMiller ’s Tanzanian unit, which was expected to raise 121,5-billion shillings ($70,97m), had been delayed indefinitely.
The sale, which followed East African Breweries’ move to go it alone in the East African region’s second-largest economy through purchase of a controlling stake in Serengeti Breweries, was scheduled to have started yesterday and run to November 11.
East African Breweries said in an advertisement published in the state-run Daily News yesterday that although approval of the Capital Markets and Securities Authority was received on October 17, the public offer would not open without disclosing reasons for the delay.
"East African Breweries will inform the market as soon as a revised timetable for the offer has been agreed and approved."
An SABMiller official confirmed the delay, saying the process was awaiting approval of some documents by all parties involved, including Tanzania’s capital markets regulator.
Bloomberg reported yesterday that Delta Corporation, a Zimbabwean company which is 36,9% owned by SABMiller, said beer sales at its beverages unit increased 30% in the six months to September, citing the Herald as the source.
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