Diageo offloads Seychelles Breweries stake

Diageo has sold its bulk involvement successful Seychelles Breweries to Mauritius-based Phoenix Beverages.

The Guinness proprietor held a 54.4% involvement successful the publicly-listed Seychelles Breweries, which markets a scope of drinks products, including SeyBrew beer.

Diageo’s merchantability of its involvement successful Seychelles Breweries is the latest successful a bid of disposals successful Africa.

Financial presumption were not disclosed. Seychelles Breweries volition proceed to beryllium listed connected the Seychelles Stock Exchange aft the woody is closed.

Under the presumption of the woody with Phoenix Beverages, Diageo volition administer IPS in-market, which volition beryllium licensed to Seychelles Breweries nether a caller “long-term” agreement.

In a little statement, Dayalan Nayager, the president Diageo’s concern successful Africa and main commercialized officer, said: “I americium excited to widen our palmy concern with Phoenix Beverages, a semipermanent spouse successful the Indian Ocean region, to further unlock worth for Seychelles Breweries and present semipermanent sustainable growth.”

In the twelvemonth to 30 June, Seychelles Breweries generated nett income of SRs568.2m ($39m), versus SRs578.3m 12 months earlier.

The company’s operating nett fell 23% to SRs137.8m. Profit for the twelvemonth stood astatine SRs91m, against SRs122.2m the twelvemonth previous.

Phoenix Beverages, which produces Guinness and Smirnoff Ice for Diageo successful Mauritius, is simply a subsidiary of section conglomerate IBL Group.

Arnaud Lagesse, the president of Phoenix Beverages, said the acquisition of Diageo’s involvement successful Seychelles Breweries, “allows america to fast-track our ambitions successful a mode that integrated maturation unsocial could not match”.

He added: “Strengthening our beingness successful the Seychelles gives america the momentum to make lasting worth and deepen our enactment crossed the Indian Ocean beverage landscape.”

In January, Diageo announced a woody to merchantability its involvement successful the publically listed Guinness Ghana Breweries to French drinks radical Castel for $81m.

In 2022, Diageo sold its its Guinness brewing cognition successful Cameroon to Castel. A twelvemonth ago, the Tanqueray gin proprietor offloaded its shareholding successful publicly-listed Guinness Nigeria to Singapore-based user radical Tolaram.

"Diageo offloads Seychelles Breweries stake" was primitively created and published by Just Drinks, a GlobalData owned brand.

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