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Purchase of Kenya Breweries Limited shares and termination of SABMiller brewing and distribution agreement

Publication date: 6 June 2011
Author: Diageo

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Diageo plc announces that its subsidiary East African Breweries Limited (EABL) has agreed to purchase all of SABMiller Africa BV’s 20% shareholding in Kenya Breweries Limited (KBL) for cash consideration of the US dollar equivalent of 19,528,062,600 Kenyan Shillings at completion (which if calculated using the mean average rate of exchange quoted by the Central Bank of Kenya on 3 June 2011 would be approximately USD 225 million), subject to EABL disposing of its 20% shareholding in Tanzania Breweries Limited by way of public offer through the Dar-es-Salaam Stock Exchange.

KBL has also agreed to terminate a Brewing and Distribution Agreement with SABMiller International BV and will cease to distribute SABMiller’s brands in Kenya after a short transitional period.

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