Eveready seeks buyers for Nakuru property

Eveready East Africa has called for an extraordinary general meeting seeking shareholder approval to execute the sale of its prime property in Nakuru.

The firm shut down its battery manufacturing plant in Nakuru in 2014 after an influx of cheap imports made its business uncompetitive.

“…the company is approved, authorized and empowered to execute any agreement and to take all necessary steps reasonably necessary to implement the sale of the land,” Eveready said in a notice to shareholders.

The sale of the property hit a snug in 2015, after the firm failed to attract competitive bids for the land.

The property earmarked for sale includes the battery manufacturing plant and the prime land its sits on in Nakuru town.

Eveready Managing Director Jackson Mutua had in April indicated the firm was against wholes disposal of the property and would instead prefer to engage investors who appreciated the value of the assets.

Money raised from the sale of the property is expected to fund Eveready’s diversification strategy as it moves away from battery sales.

Eveready has been positioning itself as a trading and distribution company striking partnerships with fast moving consumer goods manufactures. New products under its banner include Clorox bleach and writing instruments under the Piano brand expected to boost income.