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Sale of Finlays 15 per cent shares to locals begins

Business
 James Finlays Chairman Philippe de Gentile-Williams hands over the tea business to Browns Investments PLC Director Kamantha Amarasekera and Kipsigis Highlands Multipurpose Cooperative Society Vice-Chair Jonah Langat. Looking on is Sri Lanka High Commissioner in Kenya Dr. Kana V. Kananathan. [Courtesy]

The sale of the 15 per cent James Finlay Kenya shares to the communities in Bomet and Kericho counties has started.

This follows the sale of James Finlays to Sri Lankan investors, the Browns Investments PLC.

The Browns last week took over the management of James Finlay Kenya.

Browns and Finlay in the sale agreement acknowledged the long-standing support of the local community and agreed to offer 15 per cent of shares for public sale through the Kipsigis Highlands Multipurpose Cooperative Society.

Kipsigis Highlands Multipurpose Cooperative Society Vice-Chairperson Jonah Langat said they are optimistic of forging a good working relationship with the Browns and the community.

“The sale of the 15 per cent shares is now on in all the financial institutions in Kericho and Bomet, said Langat.

Langat asked locals interested in acquiring the shares to buy them from Cooperative Bank Kericho, Imarisha Sacco in Kericho, Ndege Chai in Londiani, Kenya Highlands Sacco in Kapsoit, their partners in Litein and Sotik, and Cooperative Bank in Bomet.

“We wish to inform all our members to continue buying the shares because we still have four months to complete the sale,” he said.

He noted that one share costs Sh10,500 with the total number of shares one can acquire capped at Sh112 million.

In December 2021, Browns acquired Finlay’s’ Sri Lankan tea estates business.

Browns Group is the largest producer of Ceylon tea in Sri Lanka.

It owns Maturata Plantations, Hapugastenne Plantations PLC, and Udapussellawa Plantations PLC, and is one of the largest tea-producing companies in Sri Lanka consisting of 49 individual estates that stretch across an area of over 30,000 hectares and employs over 10,000 individuals.

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