Uganda: East African Breweries share price up
East African Breweries Ltd (EABL)’s share price climbed by sh269 to sh3,031 from 2,762 last Thursday at the Uganda Securities Exchange (USE).
Analysts attributed the rise to increased demand brought about by investor excitement, hardly a week after the company hit $1b (sh1.7 trillion) in market capitalisation.
"People have confidence in EABL. That is why they are rushing to buy its shares. It is also traditional in Kenya for people to buy shares towards the end of year," said Davis Gathaara from Mbea Brokerage Services.
Another source in the market said, "According to recent announcements, EABL performed well. The rush for its shares is because people are anticipating high dividend when its financial year ends in June." EABL has the biggest market capitalisation at USE.
East African Breweries Ltd is East Africa's leading branded alcohol beverage business and has an outstanding collection of beer and spirits brands. With breweries, distilleries, support industries and a distribution network across the region, the group's diversity is an important factor in delivering the highest quality brands to East African consumers and long-term value to East African investors.
EABL has an annual turnover of Kshs 30 Billion and it has the largest share of the beer industry in the region. The group employs more than 1000 people across East Africa. EABL has been awarded the accolade of the "Most Respected Company in East Africa", five years in a row (2000, 2001, 2002, 2003 & 2004) in a survey conducted by Pricewaterhouse Coopers and the Nation Media Group.
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