East African Breweries Plc has announced the listing of its KSh16.76 billion bond on the Nairobi Securities Exchange, marking the debut tranche of its Medium-Term Note programme.
In a statement issued on Tuesday, 25 November 2025, the brewer confirmed it had successfully listed the first portion of the notes at a bell-ringing ceremony hosted at the NSE.
“East African Breweries Plc today marked the official listing of the first tranche of its Medium-Term Note Programme at the Nairobi Securities Exchange, raising KSh16.76 billion,” the statement read.
According to Lawrence Kibet from the National Treasury’s Public Investments and Portfolio Management Directorate, this issue represents the opening phase of EABL’s planned KSh20 billion MTN programme. He congratulated the firm’s leadership for reinforcing confidence in Kenya’s domestic bond market by bringing the initial tranche to the bourse.
Oversubscription Signals Investor Faith
EABL said the 52 percent oversubscription underscores investors’ trust in its financial position and long-term outlook. The response also points to renewed appetite for strong corporate bonds as the wider economic environment steadies and local capital markets regain momentum.
EABL Group MD and CEO Jane Karuku noted that the enthusiastic uptake is a strong endorsement of the company’s growth plans and its disciplined execution of strategy. She added that it reflects a capital market that is gradually maturing, where investors are increasingly prepared to back reputable corporates with credible track records.
“This milestone speaks to the confidence investors continue to place in EABL’s performance, resilience and strategic direction. The success of this first tranche is a powerful endorsement of our long-term plans and mirrors a capital market that is growing more comfortable with long-term corporate instruments from stable issuers,” Karuku said.
First Step in the KSh20 Billion MTN Plan
Although Tranche One of the programme had sought to raise up to KSh11 billion to refinance debt and support expansion projects, the offer closed at KSh16.76 billion after oversubscription triggered the green-shoe option.
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EABL remains one of the region’s dominant players in the beverage industry, with a diverse portfolio of beer and spirits. While its major operations sit in Kenya, Uganda and Tanzania, its brands are sold in more than ten countries across the continent. Its line-up includes household names such as Tusker, Guinness, Serengeti Lager, Bell Lager, Kenya Cane, Chrome Vodka, Johnnie Walker, Smirnoff and Captain Morgan.
The story continues to sit at the intersection of investor confidence, capital market maturity and corporate ambition, a combination that always promises an intriguing path ahead.
