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Sasini PLC – Annual Report & Financial Statements – 2018
Writen by Sasini PLC
Writen by Sasini PLC
Realizing that growth was the only option, the young coffee growing Company went on to acquire three more coffee farms in the same vicinity of Kiambu District in 1959. Growth demanded changes in the Company’s financial sourcing options and in response to this demand, the Company converted from a private company to a public company in 1960.
This was a great turning point in its adventure of growth and diversification as Sasini PLC is indisputably one of the oldest firms in Kenya to be listed on the Nairobi Securities Exchange. In the true spirit of an adventurous pioneer, Sasini PLC realised that Agricultural risks are best managed through product diversification. It was in this spirit that Sasini PLC entered the Tea sub-sector by acquiring a significant stake in its first Tea operation known as Kipkebe Ltd in the western side of the great Rift Valley region of Kenya in 1964.
Sasini PLC subsequently raised its stake to 100% in Kipkebe Limited in 1965. Expansion continued with the acquisition of additional coffee interests through purchase of significant majority shareholding in Mweiga Estate Ltd, a Coffee farming operation that had large coffee farms in the highland coffee zones of the Mount Kenya region in Kenya’s Central Highlands. For many years, Sasini operated its Business as Sasini Tea and Coffee Limited with emphasis on its two main flagship products: Tea and Coffee. This however changed in 2007, when Sasini realised that it was in Agribusiness and had diversified its operations to include horticulture, tourism and forestry. In recognition of its diversified operations, it changed its registered name to Sasini Ltd in 2007 and subsequently to Sasini PLC in 2017 to comply with the provisions of the new Kenya Companies’ Act.
Since 2007, Sasini PLC has continued on its diversification drive through its new ventures in packing of branded tea and coffee products for retail market, coffee mill operations and export trade operations based in Mombasa. These latter developments were in line with Sasini’s strategic plan and they were underwritten through the issuance of a five-year corporate bond in 2007, which was fully repaid in 2010, two years before its maturity. Sasini PLC has recently ventured into Macadamia with a newly built state of the art factory and Avocado processing for export. Today, Sasini PLC is an integrated agribusiness that is well on its way to becoming an African pacesetter in the growing, processing and marketing of quality agri-based products to the world. The emphasis on production diversification has metamorphosed to knowledgeable enterprise/outfit with emphasis on operational efficiency, innovation and marketing.
In order to ensure seamless interaction with relevant agribusiness stakeholders and sectoral advocacy programs, Sasini PLC has ensured it maintains active affiliations and links with various organizations and associations that are critical to the Company’s business environment.
Sasini PLC is a member of the Sameer Group of Companies, one of Kenya’s largest conglomerates with an extensive mix of investments and footprints in various sectors of the Kenyan economy. The commonality of Directors within the Group Companies provides us with useful insights into business strategies and options available for effective business decision-making.
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