Browns Investments PLC, a Sri Lankan company, has reached an agreement to purchase part of James Finlay Kenya Ltd. except for the Saosa tea extraction facility.
“We undertook a rigorous process when identifying a buyer for this unique business, prioritising what was best for James Finlay Kenya and its community,” James Woodrow, Finlay’s group MD, said.
Browns Investments PLC was selected by Finlays as the preferred buyer because of its strong legacy of guiding its tea estates to continued growth, and its focus on doing so sustainably while supporting its workforce and local communities.
“As part of the sales agreement Browns and Finlays have mutually agreed to acknowledge the long-standing support of the local community by selling 15 per cent of shares in James Finlay Kenya to a locally owned co-operative,” the firm said.
The purchase is expected to be completed in the next few months, according to Finlay Kenya’s managing director, Simeon Hutchinson.
According to a statement from the firm, operations for James Finlay Kenya will be business as usual while the sale process is concluded, and a plan is under development to ensure a smooth transition.
Finlays’ Kenyan Tea Estate is located in the highlands of Kericho covering a total self-contained area of 10,300 hectares, including 5,200 hectares of tea fields over nine gardens
Browns Group, a highly diversified conglomerate and part of the LOLC Holdings PLC group of companies, 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.
