Kenya: Minority shareholder in East African Breweries opposes takeover by Asahi Group

A minority shareholder in East African Breweries Plc (EABL) has opposed a proposed regulatory exemption that would allow Japan’s Asahi Group Holdings to take control of the firm without making a mandatory takeover offer to other investors, Capital FM reported on April 1.

The objection relates to Asahi’s planned acquisition of Diageo Kenya Limited, which holds about 65 percent of EABL shares.

The transaction is valued at $2.3 billion (Sh299 billion), translating to approximately Sh590.78 per share.

In a letter to the Capital Markets Authority (CMA), lawyers representing shareholder Shane Ngechu argued that granting the exemption would undermine takeover rules and disadvantage minority investors.

They noted that the acquisition at the holding company level would effectively give Asahi indirect control of EABL, a publicly listed firm, without extending an offer to all shareholders.

The shareholder has urged CMA to clarify safeguards in place to protect minority investors and to compel Asahi to make a full takeover offer on terms similar to those agreed with Diageo.

The regulator has yet to make a determination on the request.

03 April, 2026