Distell secures majority stake in Kenya-based KWAL
On Tuesday, the JSE-listed group announced that it had increased its stake in KWAL from 26.43% to 52.43%, in a deal that would spread its wings in the East African country.
Kenya is widely expected to be one of the fastest-growing economies in Africa over the next decade, driven by rapid urbanisation and strong income per capita growth, Distell in a statement.
Distell's relationship with KWAL dates back to 1998 when KWAL started distributing a selection of the company's brands. In December 2014, Distell acquired a 26% shareholding in KWAL through a Kenya government privatisation process.
Source: AFP
Source: I-Net Bridge
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