Kenya Wine Agencies Limited (KWAL) has finally approved the sale of 26 percent of its shares to Distell, South Africa’s largest wine and spirit maker.
The sale, which should have been concluded June 30 last year was finally concluded in December and negotiations are underway as to how much Distell, will pay per share.
“We are now in the final stages, we concluded the negotiations in December and the transaction is close to completion,” Solomon Kitungu, the commission’s chief executive told The Standard last week.
According to the terms of agreement, KWAL will have sole distributorship of Distell products in East Africa while still exercising control over the development and production of its own products. READ MORE
Source: www.ventures-africa.com #IFAMAFRICA
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