(Last Updated On: October 11, 2014)
African manufacturing group Flame Tree Group has been approved to list on the Nairobi Securities Exchange under Growth Enterprise Market Segments. Listing will be done through introduction before the end of the year.
Flame Tree Group would be the first manufacturing company to list on the GEMS market which is there to help small and midsized firms to raise funds to grow their businesses.
What does Flame Tree Group deal with?
The company operates in Kenya, Mauritius, Rwanda, Ethiopia and Mozambique. The main divisions of the company are:
1. Manufacturing of plastic goods
Roto tanks and other plastic tanks are their main plastic goods. The company manufactures over 500 tanks per day.
2. Fast Moving Consumer Goods – These comprise of various cosmetics under the brand name ZOE and Siora hair extensions among others.
3. Trading – The company trades in polymers, chemicals and hardware products through Builmart Limited in Rwanda and Cirrus FZC in UAE.
4. Happy Eaters Kenya Limited – This is in the food industry and was started in 2012.
Flame Tree Group will list 15% stake on the NSE. In 2013 the firm’s revenue was at KES 2.2 billion and had a workforce of over 1000 employees. Money raised from the listing will mainly be used for expansion and introduction of a new line of products. Its biggest rivals are Unilever, L’oreal, Kentank, Top Tank and Interconsumer.