End of an era: UK drinks giant Diageo set for Kenya exit, sells EABL stake for Sh297b

British drinks giant Diageo Plc has agreed to sell its controlling stake in East African Breweries Ltd  to Japan’s largest beer company Asahi Group Holdings in a deal worth $2.3 billion (Sh297 billion), marking the end of a decades-long presence for the spirits group in Kenya.

The London-based group said in a statement, on Wednesday, it has agreed to sell its stake in its Kenyan business as it looks to reduce its debt load through divestments.

Bold Reporting Takes Time, Courage and Investment. Stand With Us

Stand With Bold Journalism 》

Unlimited access to all premium content
Uninterrupted ad-free browsing experience
Mobile-optimized reading experience
Weekly Newsletters
MPesa, Airtel Money and Cards accepted

Already a subscriber? Log in

`;
} else {
teaserEl.innerHTML = “”;
}

activeEl.innerHTML = “”;
paywallEl.style.display = “block”;

} else if (now >= saleStart && now <= saleEnd) {
paywallEl.style.display = “none”;

var diffToEnd = saleEnd – now;
var totalSeconds = Math.floor(diffToEnd / 1000);
var days = Math.floor(totalSeconds / (24 * 3600));
var hours = Math.floor((totalSeconds % (24 * 3600)) / 3600);
var minutes = Math.floor((totalSeconds % 3600) / 60);
var seconds = totalSeconds % 60;

activeEl.innerHTML = `

Offer ends in…

${days}Days
${String(hours).padStart(2,’0′)}Hours
${String(minutes).padStart(2,’0′)}Minutes
${String(seconds).padStart(2,’0′)}Seconds

Subscribe Now & Save

`;
} else {
teaserEl.innerHTML = “”;
activeEl.innerHTML = “”;
paywallEl.style.display = “block”;
}
}

function formatTime(ms) {
let totalSeconds = Math.floor(ms / 1000);
const days = Math.floor(totalSeconds / (3600 * 24));
totalSeconds %= 3600 * 24;
const hours = Math.floor(totalSeconds / 3600);
totalSeconds %= 3600;
const minutes = Math.floor(totalSeconds / 60);
const seconds = totalSeconds % 60;
return `${days}d ${hours}h ${minutes}m ${seconds}s`;
}

updateFlashSale();
setInterval(updateFlashSale, 1000);

Follow The Standard
channel
on WhatsApp

British drinks giant Diageo Plc has agreed to sell its controlling stake in East African Breweries Ltd  to Japan’s largest beer company Asahi Group Holdings in a deal worth $2.3 billion (Sh297 billion), marking the end of a decades-long presence for the spirits group in Kenya.

Follow The Standard
channel
on WhatsApp