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(Alliance News) - Diageo PLC on Friday said it plans to increase its stake in Nairobi-based East African Breweries PLC via its subsidiary Diageo Kenya Ltd.
Diageo, which did not publicly disclose how much it plans to pay, wants to raise its stake in the Kenyan firm to 65% from currently 50%
London-based alcoholic beverage company Diageo owns Guinness, Baileys, Tanqueray, Johnnie Walker, Smirnoff and Captain Morgan, among others.
East African Breweries share price is currently KES164.50 each, around GBP1.22, according to the Financial Times. The Kenyan Wall Street on Friday reported that Diageo will pay an average price of KES192.00 per share for 118.4 million shares, totalling around KES22.73 billion, or GBP168.0 million.
Diageo shares rose 1.4% to 3,664.50 pence each in London on Friday morning.
By Tom Budszus; tombudszus@alliancenews.com
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