James Finlay, a prominent Kenyan tea grower, manufacturer, and supplier, has completed the sale of its tea estates in Kericho, marking a significant development in the industry.
Browns Investments PLC, a company based in Sri Lanka, is the buyer and the acquisition has been officially completed.
The sale, announced in May, permits Browns Investments to commence management of these multinational tea farms.
The transaction’s financial details remain undisclosed, adding intrigue to the deal and causing speculation among industry insiders and market watchers about the sale price of these farms.
Browns and Finlays have decided to offer 15% of shares for public sale, marking a unique aspect of the sale agreement.
The Kipsigis Highlands Multipurpose Cooperative Society will sell shares of the business, recognizing the community’s long-standing support and integrating them into the business.
Browns Investments, headquartered in Colombo, was selected as the best buyer for several reasons.
Finlays highlighted the company’s commitment to sustainable growth, supporting its workforce and local communities, despite its strong legacy in tea estate management.
“Browns was selected based on its strong legacy of guiding its tea estates to continued growth, but also its focus on doing so sustainably while supporting its workforce and local communities” read the statement from Finlays.
Browns was chosen as the buyer due to their focus on sustainable growth and community support.
The company’s new management is expected to maintain James Finlay’s high standards, and the future of the tea estates in Kericho and Bomet appears promising.
James Finlay’s legacy will continue to significantly impact the Kenyan tea industry for years to come.
James Finlay’s Kenyan tea estates are being sold to Browns Investments, marking a significant shift in ownership and commitment to sustainable growth and community involvement.
