Kenya’s Sasini Tea & Coffee has resolved the following per their announcement:
- 1:5 Share Bonus
- 5:1 Share Split
This will equate to 1 "old" share equalling 6 "new" shares after both the shareholders & CMA approve the resolutions.
Tea prices have been firmer in 2006 vs. 2005 but the KShs has gained vs. the US$ which remains the primary currency for Tea sales.
Coffee prices are substantially higher in 2006 vs 2005 but there has been a smaller harvest due to drought earlier in 2006.
Sasini has launched its own brand of Tea into the local market while they can now sell coffee through a second window i.e. directly to Buyers without having to go through the auction.
The Year End Results (30 Sep 2006) are not available at the moment.