Nairobi, June 22 -- The High Court has temporarily halted the Sh340 billion sale of British multinational Diageo's entire 65 percent stake in East African Breweries Limited (EABL) and its holding in spirits maker UDV Kenya to Japanese beverage firm Asahi Group Holdings.

The freeze follows a petition by Christine Irungu, who alleges that minority shareholders were denied material information when Diageo increased its stake in the brewer from about 50.03 percent to 65 percent through a 2022-2023 tender offer before pursuing a sale.

The legal challenge places the Capital Markets Authority (CMA) and Competition Authority of Kenya (CAK) under renewed scrutiny over investor protection and market transparency.

The court issued conservatory or...