East African Breweries Plc (EABL) held a bell-ringing ceremony at the Nairobi Securities Exchange (NSE) to mark the successful listing of the first tranche of its Medium-Term Note (MTN) Programme.
The first tranche raised KES. 16.76 billion with the issuance being oversubscribed by 52%. This underscores the strong investor confidence in EABL’s financial strength, market leadership, and long-term growth strategy.
The bond marks the first phase of EABL’s KES. 20 billion Medium-Term Note Programme. It is structured to support the company’s strategic investment priorities, including operational efficiencies, and continued expansion across East Africa. The oversubscription reflects robust appetite for quality corporate paper as the macroeconomic environment shows signs of stabilization, offering investors renewed confidence in the local capital markets.
EABL’s Group MD and CEO, Jane Karuku, praised the strong investor response, noting: “Today’s milestone reflects the confidence that investors continue to place in EABL’s performance, resilience, and strategic direction. The success of this first tranche is a major endorsement of our growth agenda and the disciplined execution of our long-term strategy. It also illustrates a maturing capital market, where investors are increasingly willing to back long-term corporate instruments from stable and reputable issuers.”
Representing the National Treasury, Lawrence Kibet the Director General, Public Investments and Portfolio Management noted, “I congratulate the Board and Management of EABL for buttressing our bond issuers’ confidence in our domestic market through today’s listing of the first tranche of its KES 20 billion Medium-Term Note Programme on the NSE. As a Government, we are keen on consistently demonstrating that capital markets lie at the heart of our economic transformation agenda.”
James Agin, Absa Bank Kenya Plc Managing Executive, Corporate and Investment Banking , said: “We are delighted to have played the leading role in this transaction, which not only supports EABL’s strategic objectives but also contributes to the development of Kenya’s capital markets. This issuance is a testament to the strength of Kenya’s financial ecosystem and the increasing sophistication of our investor base.”
The bell-ringing ceremony marks a major vote of confidence in both EABL and Kenya’s corporate bond market, reinforcing the critical role of local capital markets in financing economic growth.