Distributor fails to stop Diageo’s EABL stake sale to Asahi Group
High Court dismisses an application from Bia Tosha Distributors Limited for orders to stop the transaction...
✨ Key Highlights
A Kenyan court has dismissed an application by Bia Tosha Distributors Limited to block the sale of Diageo's 65 per cent stake in East African Breweries Limited (EABL) to Japan's Asahi Group Holdings for Sh305 billion.
- The High Court ruled that Bia Tosha could not seek similar conservatory orders in the High Court after having approached the Court of Appeal.
- Diageo, a multinational headquartered in the United Kingdom, is proceeding with the sale as part of its turnaround strategy.
- The transaction is expected to generate approximately Sh42 billion in capital gains tax for the Kenyan Treasury.
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