April 5, 2013 / 11:11 AM / 7 years ago

Kenya to sell stake in wine and spirits firm to S.Africa's Distell

NAIROBI, April 5 (Reuters) - 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 percent of Kenya Wine Agencies Limited (KWAL) from Kenya’s government for an undisclosed amount. The government owns about 73 percent 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. (Reporting By Drazen Jorgic; Editing by James Macharia)

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