× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Olympia Capital shuts down loss making subsidiaries

NEWS
By Moses Michira | June 30th 2015

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.

Share this story
InterContinental named leading business hotel
Nairobi InterContinental Hotel has been named Kenya’s leading business hotel at this year’s World Travel Awards held in Seychelles recently.
Survey: Why 40 pc of workers want to quit their jobs
More than half of 18 to 25 year-olds in the workforce are considering quitting their job. And they are not the only ones.
.
RECOMMENDED NEWS
Feedback