Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: Olympia Capital Holdings Limited Issue Cautionary Statement

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Kenya: Press Releases: Olympia Capital Holdings Limited Issue Cautionary Statement

Tuesday, 23 June 2009

Olympia Capital Holdings Limited (OCHL) owns 51% of Olympia Capital Corporation Limited (OCCC), a company listed on the Botswana Stock Exchange. In December 2006, OCC purchased 74% of Plush Products (pty) Limited (Plush).

For the financial period ended December 2006, February 2008 and February 2009, Plush did not contribute positively to the bottom line of the group. From September 2008, following the slipping of the South African economy into a recession, we saw a significant drop in our sales that made the company go into a loss making situation.

We believe in the products and the market, but not the model to market that we have used to date. A decision has been made to close the company, sell the assets to meet our obligations and consider re-entering the market with a leaner model.

The closure of Plush will not have any negative effect on the operational profitability, however we will only tell with time the effect that the loss of the actual investment will have on our group balance sheet.

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