Local Community Gets 15% Shares of Multinational Tea Estate as Finlay's Exits Market

Kericho, Saturday, May, 6, 2023,

KNA By Kibe Mburu

The local Kipsigis community will benefit from the 15 percent shares at the vast multinational tea estates in Kericho County as James Finlay Kenya Limited exits its operation in the country.

Finlays, a tea-growing company that has produced tea for decades has sold the firm to Sri Lankan Browns Investment PLC following a strategic decision aimed at focusing more on the tea and coffee extract businesses and moving away from the leaf-growing operations in the country.

Addressing the press, the Kericho County Governor Dr. Eric Mutai revealed that after wide consultations with the outgoing and incoming investors, it was agreed that the local Kipsigis community will hold 15 percent shares of the multinational tea estate, which he said was a great move that would promote the welfare of the local community.

“Browns Investment PLC and Finlays will be giving out 15 percent of the shares to the local community and this is a progressive step while the decision on who is going to hold the 15 percent will be decided by a working committee comprising of the executive, and the County Assembly that has been formed to deliberate on the issue for the next four to six months before the investor takes over the new industry” added Dr. Mutai.

Also present was Finlay's representative Ben Wolf who assured the James Finlay employees of their job security at the tea estates with the incoming management.

“In deciding on the new investor, the main concern for us was to ensure the business was going to continue to be successful and supportive of all of our staff within James Finlay Kenya, and supportive of the local community.” Said Wolf.

In a statement, the Finlays Group Managing Director, James Woodrow said a rigorous process was undertaken in identifying a buyer for the business prioritizing what was best for the company and community, and Sri Lankan Browns Investment PLC was selected to buy the huge tea estate.

The firm also stated that the Saosa tea extracts facility will remain a key part of Finlay's global tea extracts infrastructure and operations will continue in Kericho and tea packing operations in Mombasa.

The multinational tea estates in Kericho County introduced mechanization in their farms culminating in massive job losses for casual tea harvesting workers a majority of whom were from the local community.

 Courtesy; K.N.A