A minority shareholder in East African Breweries Plc (EABL) is opposing a proposed exemption that would allow Japan’s Asahi Group Holdings to gain indirect control of the company without a mandatory takeover offer to all investors.

• Asahi plans to acquire Diageo Kenya Limited, which holds 65 percent of EABL shares, in a $2.3 billion transaction.
• The objection, raised by shareholder Shane Ngechu, argues the exemption undermines takeover rules and disadvantages minority investors.
• The Capital Markets Authority (CMA) has yet to make a ruling on the request.