Diageo exits Kenyan market, sells 65% stake in EABL to Asahi

Diageo has entered into an agreement to sell its entire stake in Diageo Kenya Limited, which is the majority shareholder in EABL. Diageo announced its intention to offload its entire stake to Japan's Asahi Group. It also plans to offload a stake in the Kenya spirits business, UDV Kenya. The move now means that Asahi Group will effectively own a controlling stake in the region's largest brewer. The sale announcement resulted in the halting of trading of all EABL shares at the Nairobi Securities Exchange following a cautionary statement from the company.