Olympia Capital shuts down loss making subsidiaries

Olympia Capital will close Dunlop Industries (PVC tiles) and Tiespro Trading - based in Cape Town, South Africa. Tiespro is involved in making wooden products such as bathroom accessories, storage and shelving as well as ironing boards.

A statement from the firm said in 2013, Sh68.4 million was advanced to Tiespro for taking over the activities of Natwood Pty Ltd.

While important on revenue, the two subsidiaries have been loss-making, relying on the holding company to pay for liabilities as they fall due.

“Olympia Capital’s main investments are in companies dealing in the manufacture and sale of products used in the construction industry such as floor tiles, adhesives, PVC windows and door frames, cleaning chemicals as well as fire equipment, water pumps and real estate,” said the statement.

The investment firm is a holding company of one subsidiary and five associate companies in Kenya, Botswana and South Africa.

The group is anticipating completion of the sale of its Nanyuki Road-based property in Nairobi by the end of this financial year as it embarks on a Sh500 million plan to redevelop its real estate property along Enterprise Road in Industrial Area, Nairobi.