[2008-06-03]  Olympia Capital closes takeover of SA firms
A subsidiary of Olympia Capital Holdings Limited (OCHL), which is listed on the Nairobi Stock Exchange, has bought a majority stake in a South African manufacturer of wooden lifestyle products.

The subsidiary, Olympia Capital Corporation Limited (OCCL), which is listed on the Botswana Stock Exchange, has acquired 50 percent and one share.

Although the acquisition was only made public in Kenya this week, information on the Natwood website showed that the transaction was effective from March 1, 2008.

The directors of Natwood are Michael Matu, Gerry O’Donnell, Derek Berold and Randal Godden. Mr. Matu is the group chief executive officer.
Natwood acquired the business of Framing Prints International (FPI) from June 1, 2008, and its manufacturing, sales and distribution offices moved to Natwood premises immediately.

Natwood purchases timber directly from the forest mills in the Cape Province. Natwood said on its website that it “prides itself in the use of the most modern machinery, production techniques and best business practices.”

Among its products are wooden bathroom accessories and toilet seats in various colours, wooden cabinets and mirrors painted bathroom cabinets and vanities, wooden frame mirrors and picture frames.

The sales and warehousing structure is spread in South Africa and Namibia.

OCHL and its subsidiaries have been on a stake-hunting spree since the former raised KSh420 million in a rights issue last year.

The money was to fund potential business acquisitions. OCHL used KSh82 million of the money raised to acquire additional shares in OCCL, which is listed on the Botswana Stock Exchange, bringing its stake to a controlling 50.49 percent.

It is also seeking to get into Zimbabwe — where the economic downturn would have others keep off.

“Now is the time to get in. It will be too expensive to buy when the turnaround has begun,” said Matu.


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