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East African Breweries (EABL) has opened the first tranche of its Ksh 20 billion domestic bond programme, seeking to raise up to Ksh 11 billion to strengthen its financial flexibility and fund strategic growth initiatives.
In a statement on Monday, October 27, EABL announced that the Capital Markets Authority (CMA) granted approval on October 2, 2025, for the issuance of medium-term notes, allowing the company to issue debt securities periodically to finance its operations and expansion.
“East African Breweries PLC hereby announces that the Capital Markets Authority, in exercise of its powers under Section 30A of the Capital Markets Act, has granted approval to EABL to offer medium-term notes in the aggregate principal amount of up to Ksh 20 billion under its Domestic Medium-Term Note Programme,” read part of the notice.
The minimum investment amount has been set at Ksh 10,000, making it accessible to both retail and institutional investors.
Meanwhile, the programme will see an initial tranche of up to Ksh 11 billion issued for a five-year period at an annual interest rate of 11.80 percent.
The offer opened on Monday, October 27, 2025, and will close on Monday, November 10, 2025.
The allotment of the notes is scheduled for November 12, 2025, with payment and issue dates set for November 18, 2025. The notes will be uploaded to investors’ CDS accounts by November 20, 2025.
Proceeds from the bond will be used for general corporate purposes, including the funding of EABL’s operations, debt management, and future growth projects.
The notes will be listed on the Nairobi Securities Exchange (NSE) and will rank equally with the company’s existing unsecured obligations, and investors can expect market-aligned returns through a regulated investment vehicle.
Also Read: CBK Invites Kenyans to Invest in Ksh40 Billion Treasury Bonds with as Low as 50K
How to Invest
Investors can apply for the offer through EABL’s online portal at https://eablmtn.e-offer.app
To complete the online process:
Read and understand the terms and conditions of the offer provided on the portal.
Ensure you have a valid CDSC account. If not, contact your stockbroker or agent to open one.
Once you have the account, click “Accept Offer.” If you have applied before, you can log in to add another application or select “New Application” to start afresh.
After submitting your application details, make a deposit and upload proof of payment (EFT or bank transfer).
The data processing agent will verify your payment. Applicants will receive updates on the status of their application via email or SMS.
Physical Application
Alternatively, investors may submit a physical form by following these steps:
Download the application form or collect a copy from authorized accepting agents or Image Registrars’ offices.
Fill in the form as instructed and attach all required supporting documents.
Submit the completed form to any authorized accepting agent before the close of the offer period.
Also Read: EABL Announces Early Redemption of Ksh11 Billion Corporate Bond
Payment and Tax Details
Interest on the notes will be paid semi-annually or as specified in the pricing supplement.
Image Registrars Limited will serve as the paying agent, disbursing payments through RTGS, EFT, Mobile Money, or Pesalink.
The notes will be subject to a 15% withholding tax on interest income, though exemptions or reduced rates may apply under certain treaties.
Capital gains tax and stamp duty will be exempt for listed notes traded on the Nairobi Securities Exchange (NSE).
Following the close of the offer period, EABL will publish the final results of the issue and calculate investor entitlements.
Advisors and Trustees
Absa Bank Kenya PLC and Absa Securities Limited will serve as the Arrangers and Placing Agents, while Absa Securities Limited acts as the Sponsoring Stockbroker, Registrar, and Calculation Agent.
Image Registrars Limited has been appointed as the Note Trustee, with MTC Trust & Corporate Services Limited serving as Legal Counsel.
The Reporting Accountants for the issuance are Coulson Harney LLP (Bowmans Kenya) and PricewaterhouseCoopers LLP.
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