Browns Investments PLC has announced the completion of its acquisition of Kenyan tea estates business James Finlay Kenya from Finlays.
This comes six months after the sale was announced, with Finlays picking the Sri Lanka-based tea-producing firm as the approved buyer based on its strong legacy of guiding its tea estates to continued growth.
The sale includes all parts of James Finlay Kenya Ltd except the Saosa tea extraction facility which will remain under Finlays’ ownership and will become known as Finlays Extracts Kenya.
“We’re delighted to welcome all members of the James Finlay Kenya community into the Browns family. It’s an amazing business, powered by an incredible community, and superb growth potential which will not just benefit the community, but the Kenyan economy at large,” said Kamantha Amarasekera, Chief Executive Officer (CEO) of Browns Investments PLC.
The two firms have agreed to offer 15 per cent shares in James Finlay Kenya for public sale via Kipsigis Highlands Multipurpose Cooperative Society as part of acknowledging the long-standing support of the local community.
Eventually, James Finlay Kenya will be known as Browns Plantations Kenya, becoming Browns’ first investment in the tea business in the country.
“James Finlay Kenya has played an enormous role in Finlay’s success story over the years. In Browns Investments, the JFK community has a conscientious new investor with a bright and exciting vision,” said James Woodrow, Finlays Group Managing Director.
“We will always have a very close relationship with ‘Browns Plantations Kenya’, and we continue to invest in Kenya through both Saosa, our tea extraction facility, and through James Finlay Mombasa,” added Woodrow.
“While this is the end of an era, we’re delighted that 15% of shares in James Finlay Kenya will be owned by members of the local community.”
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Headquartered in Colombo, Browns has a heritage in operating plantation businesses, owning Maturata Plantations, Hapugastenne Plantations PLC, and Udapussellawa Plantations PLC.
It 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 has employed over 10,000 individuals.