Beer maker East African Breweries Limited (EABL) #ticker:EABL has written off a Sh15.3 billion loan advanced to Serengeti Breweries Limited in what appears to have been prompted by a hard tackle from Tanzanian authorities of the change in the firm’s ownership that was first revealed in the company’s annual report.
EABL last Friday published a notice in local newspapers indicating that its ownership in Serengeti had gone back to 51 percent despite the debt-to-equity transaction it said had raised the stake to 72.5 percent, indicating that the amount has been written off.
