Seychelles Breweries to be listed on stock exchange |16 December 2014

The AGM in full swing

Local beverage producing company Seychelles Breweries or SeyBrew as it is commonly known, will be in the near future listed on the local stock exchange company Trop-X.
 
This was one of the main announcements made by its chairman Ekwunife Okoli at the company’s 46th annual general meeting at the Constance Ephelia Resort at Port Launay on Saturday.

“We have made significant progress in our assessment of the possibility for Seychelles Breweries to be listed on the Seychelles stock exchange. This will not only generate tangible returns to the business but will also set the scene for the consolidation of our position as a key player within the Seychelles business environment,” Mr Okoli told the company’s share holders.

A large group of them had turned up for the meeting during which they approved the financial and auditor’s reports for the year ending June 30, 2014, as well as that of the chairman.

In his report, Mr Okoli has described 2013/14 as an important year where the company has invested R5.9 million in the upgrade of its manufacturing facilities, continued to focus on professional development through training programmes and targeted recruitment as well as multiplied effort to fill control and internal audit gaps.  

As a result and also due to what the chairman has called “improved cost control and proactive management,” Seychelles Breweries has recorded a 2% growth in profit during the past financial year. Consequently, its board of directors has decided that shareholders will be paid two rupees per share owned in the company.

However, in spite of the successes, the year has not been without challenges for Seychelles Breweries. These have included a 5.2% depreciation of the rupee to the dollar, lower average spending per head from tourism, challenges in the production capacity and facilities and most importantly increased competition from importation of beverages and spirits.

These challenges have ultimately caused a decline of 9.3% in turnover compared to the previous year.

This has however not prevented Seychelles Breweries from promising to deliver its “same great beer on a consistent basis with emphasis to increase its share of the market”. As for soft drinks, the company is confident that progress in the partnership with the Coca-Cola company will culminate in the release of consumer driven innovation that will combat the growing wave of imported soft drinks into the market.

Even as an alcohol producer and wholesaler Seychelles Breweries will also continue to take its corporate citizenship responsibility by helping to ensure that the ‘drink responsibly’ culture resonates in Seychelles.