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Distell makes Kenya acquisition

Jul 21 2014 17:30

Alcohol (Shuttertstock)

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Distell pays out to BEE shareholders

 
Stellenbosch - Distell Limited, a major subsidiary of Distell Group Limited [JSE:DST], has entered into an agreement in terms of which it will acquire 26% of the issued share capital of KHEAL for a total of approximately R105m.

KHEAL is Kenya's foremost spirits manufacturer, bottler and distributor with strong and established local mainstream brands. It operates five distribution centres in the country, one in Uganda, as well as a wholly-owned subsidiary in Rwanda.

KHEAL also sells products through duty-free outlets in Kenya and Rwanda.

Distell's relationship with KHEAL goes back more than 15 years. KHEAL has been bottling a selection of Distell's drive brands and distributing these, along with some of its key South African packaged brands, in Kenya and other parts of East Africa.

"Distell's wealth of experience in the ciders, spirits and wine segments will bring new capabilities to KHEAL and increase its competitive position that will in turn unlock and create significant value," Distell said in a statement.

The purchase consideration is less than 5% of Distell's market capitalisation.

distell group  |  wine  |  liquor  |  agribusiness  |  retail  |  acquisitions
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