“Although Mozambique’s currency has devalued significantly this year, we as a company are looking at long term growth.” – CEO Heril Bangera
Flame Tree Group’s through its subsidiary Rino Tanques opens a new tank manufacturing facility in Nampula, Mozambique in an effort to expanding its footprint in the region.
The new facility is targeting to cater for the Northern part of Mozambique increasing its market share in the region. The manufacturing plant will offer full range of plastics tanks ranging between 100 and 10,000 liters.
The group notes that this expansion will have a positive effect of reducing transportation costs and ensuring quick on demand delivery of its products.
In the markets Flame Tree closed the session at KES 4.70 per share. It is down by 30% year-to-date. Flame Tree has a Price/Book value ratio of 1.21
Flame Tree is a leading regional manufacturing Group – listed on the Nairobi Securities Exchange (NSE: FTG) – with operations in Mauritius, Kenya, Rwanda, Ethiopia, Dubai and Mozambique. It operates in FMCG, plastics and trading, with a brand portfolio that includes Roto Tanks, Jojo Plastics, Zoe, Cerro, Alana Skin, Siora, Happy’s and Buildmart. It was founded in 1989 and now employs over 1,000 people, who are focused on delivering quality, value and innovation to improve their customer’s lives.
Sources: (Flame Tree Group, Kenyan Wall Street, Financial Times)