KES 20 BILLION DOMESTIC MEDIUM-TERM NOTE PROGRAMME – TRANCHE 1 OF UP TO KES 11 BILLION

East African Breweries PLC (EABL) has rolled out Tranche 1 of its KES 20 billion domestic medium-term note programme, aiming to raise up to KES 11 billion. The initiative is set to bolster EABL’s financial flexibility and fund strategic growth.

The notes will rank pari passu with EABL’s existing unsecured obligations. Investors can expect market-aligned returns through a regulated investment vehicle.

Proceeds will support general corporate purposes, reinforcing EABL’s operations and growth ambitions, while presenting an attractive fixed-income opportunity for both retail and institutional investors.

Offer Memorandum Pricing Supplement
Countdown to Close Date


Time left :

Minimum: 10,000

Incremental Amount: 10,000

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Issue Size (KES)

11,000,000,000

Yield

11.80 %

Price

1 KES

How to Accept the Offer

01

Online application

To accept the offer on this application portal:

1. Read the terms and conditions of the Offer here.

2. Ensure you have a Valid CDSC Account if not consult your broker/agent to open

3.Once you have the CDSC, click on Accept Offer.If you had made an application before you can enter the details requested to add another application or click New Application for a fresh application.

4. Once you have submitted the form with application details, you can make a deposit then uploaded proof of payment documents (EFT or Bank Transfers).This will be verified by the Data Processing Agent. Look out for updates on the status of your acceptance, which will be sent to your registered email address or through text message to the mobile number you indicated in the electronic application.

KES 20 BILLION DOMESTIC MEDIUM-TERM NOTE PROGRAMME – TRANCHE 1 OF UP TO KES 11 BILLION
02

Completing a physical Form

You can also submit a physical Form by following the steps outlined below;

Offer

1.Download the Form, or visit the offices of the Authorised Accepting Agents or Image Registrars - all of whom will be able to provide a physical copy of the Form.

2. Complete the Form following the instructions therein and submit the completed Form together with the required supporting documents to any of the Authorised Accepting Agents.

Timetable and Key Events

The Offer will start on 2025-10-24 00:00:00 and ends on 2025-11-10 00:00:00

Following the close of the Offer period, EAST AFRICAN BREWERIES PLC will publish the final results of the Offer and calculate the entitlements due to accepting Notes holders.



Frequently Asked Questions

EABL has launched Tranche 1 of its KES 20 billion domestic medium-term note programme, aiming to raise up to KES 11 billion. The programme allows EABL to issue debt securities (“Notes”) from time to time to raise funds for general corporate purposes and growth initiatives. 

  • Arrangers / Placing Agents: Absa Securities Limited and Absa Bank Kenya PLC
  • Sponsoring Stockbroker: Absa Securities Limited
  • The Paying Agent and Registrar:, Image Registrars Limited
  • Note Trustee: MTC Trust & Corporate Services Limited
  • Legal Counsel: Coulson Harney LLP (Bowmans Kenya)
  • Reporting Accountant: PricewaterhouseCoopers LLP

The maximum aggregate principal amount under this Programme is KES 20 billion, issued in various tranches over time. EABL is looking to raise KES 11 Billion for the first issuance.

The Notes are medium-term debt instruments denominated in Kenya Shillings. The notes for the first issuance will be Fixed Rate Notes. 

The offer is open to the public, subject to applicable selling restrictions. 

The minimum denomination and investment amount is Kes. 10,000/ with a detailed breakdown to be found in the Information Memorandum.

Payments will be made by Image Registrars Limited (the Paying Agent) via RTGS or EFT, Mobile Money, Pesalink, Internal Transfer. Interest is payable semi-annually or as specified in the Pricing Supplement.

Yes. The notes will be listed on the Fixed Income Securities Market Segment (FISMS) of the Nairobi Securities Exchange (NSE). Once listed, the Notes can be traded through the CDSC like other securities.

Returns are based on the interest rate (coupon) specified in the Pricing Supplement. The applicable rate is 11.80% per annum.

Proceeds from the Notes will be used for general corporate purposes, refinancing of existing debt, and to support EABL’s business growth and sustainability initiatives. EABL does not expect an increase in overall debt levels due to this issuance.

Withholding Tax: 15% on interest income (subject to exemptions or reduced treaty rates). 

Capital Gains Tax: Exempt for listed Notes traded on the NSE.
Stamp Duty: Exempt for listed Notes. Investors are encouraged to seek personal tax advice based on their residency.

Investors should review the Risk Factors section in the Information Memorandum, which covers:
- Economic and political risks in the markets where EABL operates
- Industry competition and operational risks
- Credit and liquidity risks associated with the Issuer
- Market and interest rate risks affecting bond values

All listed Notes are dematerialized and recorded in CDSC accounts. Investors must ensure their CDSC account and bank details are up to date through their respective stockbroker or custodian. 

Investors can participate through the Web Application portal (https:// eablmtn.e-offer.app), or Physical forms sent to a Placing Agents (Absa Securities / Absa Bank Kenya).

The issue has been approved by:
- Capital Markets Authority (CMA)
- Nairobi Securities Exchange (NSE)

Placing Agents:
Absa Securities Limited / Absa Bank Kenya PLC
Email: projectkifaru@groups.absa.africa
Website: www.eabl.com

Registrar & Paying Agent:
Image Registrars Limited
5th Floor, Absa Towers, Loita Street, Nairobi
Email: eabloffer@image.co.ke 

The Programme will open on 27/10/2025 and close on 10/11/2025

Image Registrars Limited on email: eabloffer@image.co.ke or phone number: 0709 170 000 / 0709 170 034 for assistance, Absa Securities Limited in their capacity as Lead Sponsoring Broker on [TBC] or your stockbroker.

Yes. Any excess application funds will be refunded in accordance with the refund policy outlined in the offer documents.

Accepted payment methods include bank transfers (EFT or RTGS) to ABSA BANK KENYA PLC the Receiving Bank account (Name: EAST AFRICAN BREWRIES PLC, Account No:2055033881, Branch Code: 03077, Branch Name: Absa Towers Branch) Swift Code: BARCKENX and mobile money transfers (M-Pesa, Paybill number 303030. and account number is ULB4# and your Application Serial Number i.e. ULB4#12345).

You may also pay through your stockbroker or investment bank. For qualifying investors as outlined in the Information Memorandum, they may pay using the Irrevocable Letter of Undertaking or a Irrevocable Bank Guarantee forms. Refer to the offer documents for specific instructions