East Africa Breweries Ltd. (KBL.NR), or EABL, on Tuesday confirmed it had suspended plans to sell its 20% stake in Tanzania Breweries, and said it would make an announcement as soon as it intended to go ahead with the sale.

"EABL will inform the market as soon as a revised timetable for the offer has been agreed and approved," EABL said in a press notice.

The share sale was intended to raise about 7 billion Kenyan shillings ($69.6 million) from the Dar es Salaam Stock Exchange, part of the KES22.5 billion required to buy back the 20% stake of Kenya Breweries currently held by SABMiller PLC (SAB.JO). The sale would have opened Monday and closed Nov. 11, Kenya's Business Daily reported Tuesday.

"EABL confirms that although approval of the Capital Markets and Securities Authority was received on Oct. 17, the public offer will not open on Oct. 24," EABL said in its press notice.

It didn't provide any reasons for the delay.

U.K.-based brewer Diageo PLC (DEO) holds a 50.03% stake in EABL.

-By George Mwangi, contributing to Dow Jones Newswires; +254 735 781 853; gmwangi0@gmail.com