Crown Paints Group Vice-Chairman Hussein Ramji attend the virtual 63rd annual general meeting. Crown Paints Plc will use the Sh711.80 million being raised via the rights issue to salvage its subsidiaries in Uganda, Rwanda and Tanzania, which the paint and coating firm revealed are struggling with debt. The company did write off Sh374 million for Crown Paints Tanzania and Sh278 million for Regal Paints, its Uganda subsidiary. Take a surveyMr Nyukuri said while the company’s parent firm in Kenya is sound, the performance of its subsidiaries – Crown Paints Tanzania Ltd, Regal Paints Uganda, and Crown Paints Rwanda Ltd) has over the past few years remained depressed. Crown Paints Plc opened a depot in Tanzania in 2012 before entering the market in 2014.

Source: Standard Digital May 25, 2021 21:22 UTC