Corporate News
EABL plans to sell one its subsidiaries, Central Glass Industries
Limited (CGI), to South Africa's Consol Glass Proprietary. PHOTO | FILE
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NATION MEDIA GROUP
By REUTERS AND BD WRITER
In Summary
- EABL did not announce the value of the planned sale of Central Glass Industries.
East African Breweries Limited (EABL) said on
Wednesday it plans to sell one its subsidiaries, Central Glass
Industries Limited (CGI), to South Africa's Consol Glass Proprietary.
EABL, controlled by Britain's Diageo, said its board of
directors had approved the sale of its entire stake in the subsidiary
subject to regulatory approval by the Competition Authority of Kenya and
its shareholders.
EABL did not announce the value of the planned sale of Central Glass Industries, which makes bottles.
According to EABL, CGI was established in 1987 and
exports over 50 per cent of it products to countries such as Uganda,
Tanzania, Ethiopia, Rwanda, Burundi, Eritrea, Seychelles, Mauritius,
Zimbabwe, Zambia and Angola. The plant is situated in Kasarani.
In October, CGI was shut down for three months to
allow for refurbishment at an estimate cost of over Sh1 billion. EABL
managing director Charles Ireland said the repair work was necessary to
seal energy leaks from the furnace which wears out every decade,
reducing its efficiency.
Consol Glass Proprietary currently exports its products to 17 markets in Africa, including Kenya.
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