Nairobi - The Kenyan government plans to sell a large part of its stake in a domestic wines and spirits marketer to South Africa's Distell Group, the privatization commission said on Friday.
The commission said Distell will purchase 26% of Kenya Wine Agencies Limited (KWAL) from Kenya's government for an undisclosed amount. The government owns about 73% in KWAL.
As part of the sale, Distell will sign a long-term supply agreement with KWAL for the marketer to have exclusive rights to sell Distell products in Kenya, according to a public announcement in a Kenyan newspaper.