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Tanzania brewery deal has hangover

East African Breweries Ltd said yesterday that the sale of its 20% stake in brewing giant SABMiller's Tanzanian unit, expected to raise 121.5-billion shillings (R562-million), was delayed indefinitely.
The sale, which followed East African's move to go it alone through purchase of a controlling stake in Serengeti Breweries, was scheduled to have started yesterday and run to November 11.

"EABL confirms that, though approval of the Capital Markets and Securities Authority was received on October 17, the public offer will not open on October 24," the Kenyan-based brewer said in an advertisement published in the state-run Daily News newspaper, without disclosing reasons for the delay.

An SABMiller official confirmed the delay, saying the process was awaiting approval of documents by all parties, including Tanzania's capital markets regulator.

25 Oct. 2011

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