Latest news with #Dar es Salaam
Zawya
7 days ago
- Business
- Zawya
Why Tanzanian brewer sold troubled subsidiary at $3.8mln loss?
Tanzania Breweries Limited (TBL) Plc sold its 60 percent shareholding in Darbrew Ltd, a loss-making subsidiary, at a loss of Tsh9.92 billion ($3.8 million) as part of the company's plan to cut costs and improve cash flow. Despite this, the company declared a dividend payout of Tsh537 ($0.2) per share, amounting to Tsh158.44 billion ($60.75 million) in the year ended December 31, 2024. It had not given dividend in the previous year. The brewer, listed on the Dar es Salaam Stock Exchange (DSE), said in its 2024 annual report that the sale of the subsidiary to the minority shareholders —Dar es Salaam City Council (DCC)—was completed in May 2024. Audited financial statements show that at the time of the transaction, Darbrew had a net liability of Tsh29.416 billion ($11.279 million), compared with a consideration of Tsh3 million ($1,150) that resulted in a gross loss, upon disposal, of Tsh29.413 billion ($11.278 million). The gross loss was then adjusted in relation to the subsidiary's provision utilised estimated at Tsh19.48 billion ($7.47 million), resulting in a net loss of Tsh9.92 billion ($3.8 million). TBL announced its intent to exit Darbrew Ltd in 2019 and initiated an engagement with the co-shareholder, DCC. TBL is a member of the Anheuser Busch InBev Group of companies that manufactures, sells and distributes alcoholic and non-alcoholic beverages within Tanzania and exports to neighbouring countries. TBL has a controlling interest in Tanzania Distilleries Ltd and Kibo Breweries Ltd. Last year, the company incurred capital expenditure of Tsh88.38 billion ($33.88 million) with a focus on returnable packaging and upholding facilities to sustain long-term growth. The investment included completion of the first phase of a malting facility in Kilimanjaro, which will enhance productivity and local sourcing by processing about 8,000 tonnes of barley per annum. The brewer has invested Tsh42.41 billion ($16.26 million) Kibo Breweries Ltd, which remained dormant throughout the year. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
15-07-2025
- Politics
- Zawya
Ambassador Chen Mingjian Meets with Tanzania Peoples' Defence Forces Chief of Staff Lt. Gen. Salum Othman
AFRICA On July 11, Chinese Ambassador to Tanzania H.E. Chen Mingjian met with Lieutenant General Salum Othman, Chief of Staff of Tanzania Peoples' Defence Forces in Dar es Salaam. They discussed bilateral military relations and committed to strengthening exchanges and cooperation. Distributed by APO Group on behalf of Embassy of the People's Republic of China in the United Republic of Tanzania. Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an 'as is' and 'as available' basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release. The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk. To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages. © ZAWYA 2025
