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Political gimmick,land row or real SH15 billion brewery in Kisumu? Notice issued after Statehouse announcement

UREPORT
By Joseph Sosi | June 29th 2017

Barely a day after the unveiling of its plan to build a Sh15 billion brewery in Kisumu, in accordance with the capital market securities, public offers, listing and disclosures regulations of 2002, EABL has issued a notice on the investment plan.

East African Breweries Limited (EABL) on Wednesday at State House made public their plan of putting up the brewery which President Uhuru Kenyatta said will be a source of livelihood for at least 110, 000 people.

In a notice, EABL has said its board of directors on June 23, 2017 approved the intent to invest in Kisumu County and that the project will be spread over a period of two years before it is completed.

The company is however yet to settle on the funding modalities as it has clearly put it that this was under discussion prior to being communicated to regulators and shareholders of the company.

EABL has urged its shareholders and the public to be cautionary enough as they engage with the company shares.

"Modalities of funding for the project are still under deliberation and shall be communicated to the regulators and shareholders in due course. The shareholders of EABL and the public are advised to exercise caution when dealing in share of the company." Reads part of the notice.

Leaders from Kisumu County have complained of being left in the dark over the plan demanding for more information as they were not aware of whether EABL was planning to revive their moribund Kisumu plant that had closed two decades ago or building a new one.

Kisumu Senator Anyang' Nyong'o, MP Olago Aluoch and his Nyando counterpart Fred Ouda have been quoted by The Standard alluding to fears that the project could be a political gimmick.

The Kisumu County Government last month revealed plans to repossess the land harbouring the old brewery over the company's failure to revive it.

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