Friday, February 23, 2024
HomeBusinessSri Lanka's Browns Acquires 85% Stake in James Finlay Kenya

Sri Lanka’s Browns Acquires 85% Stake in James Finlay Kenya

A Sri Lankan company, Browns Investments PLC, has agreed to acquire 85% stake in James Finlay Kenya, a renowned tea supplier. According to a statement released by the company and seen by Thedailypost.co.ke, the sale will exclude the Saosa tea extraction facility, which will remain under the ownership of Finlays.

The business will continue sourcing tea leaves, timber, and other services directly from James Finlay Kenya. The sale is expected to be completed in a few months, during which business operations will continue as usual. The remaining 15% of shares will be sold to an undisclosed local co-operative.

Browns and Finlays have agreed to sell the shares to acknowledge the local community’s long-standing support. Finlays has already identified a preferred third party, and discussions are ongoing.

Once the sale process is complete, Browns intends to change the tea supplier’s name and resume normal operations without any changes to existing employment arrangements for current employees of James Finlay Kenya.

This development comes two months after the farm in Kericho suspended two contractors, John Chebochock and John Asava, for sexually exploiting workers. They were caught on camera preying on female workers and infecting some with HIV.

The acquisition of James Finlay Kenya is a significant milestone for Browns Investments PLC, which operates various businesses in Sri Lanka. The company aims to expand its footprint in East Africa, tapping into Kenya’s reputation as one of the world’s leading tea producers. James Finlay is also renowned for producing quality tea, making it an ideal investment opportunity for Browns.

The smooth transition after the sale is critical to ensure no customer disruption and maintain the tea supplier’s high-quality standards.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular