East African Breweries Limited (NASE:EABL), the Kenyan unit of Diageo plc (LSE:DGE), on January 26, 2024 dismissed a media report that its parent company wants to sell the Tusker beer brand as part of broader cuts. U.S. news outlet Axios reported last month that Diageo was looking to sell Tusker along with other beer brands including Ireland-based Smithwick's, Kilkenny and Harp Lager, saying they were a margin drag on the rest of the business. But in an interview with Reuters EABL CEO Jane Karuku denied the brand would be sold.

"Those are market speculations," she said, declining to comment further. There was no immediate comment from Diageo on the other brands that were reported as being considered for sale.