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East African Breweries Rises for Second Day After Loan Report

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Nov. 29 (Bloomberg) -- Diageo Plc’s Kenyan unit, East African Breweries Ltd., headed for its biggest gain in 11 days after a report it got a loan from its parent company.

The stock climbed 1.9 percent to 165 shillings as at 9:30 a.m. in Nairobi. A close at this level will be the biggest gain since Nov. 18.

Diageo Plc, the world’s biggest beer-maker, loaned its Kenyan subsidiary 19.5 billion shillings ($217 million) to fund the purchase of shares in Kenya Breweries Ltd. it doesn’t already own from SABMiller Plc, Nairobi-based Business Daily reported yesterday, citing Brenda Mbathi, spokeswoman for East Africa Breweries Ltd.

The deal likely will be completed by Dec. 2, the newspaper said. East African Breweries is also expected to finish its sale of 20 percent of Tanzania Breweries Ltd. on the Dar es Salaam Stock Exchange on the same day, the newspaper added.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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