Olympia capital is seeking to raise 600 million shillings in a rights issue later this year, after approval by shareholders. Part of the proceeds (Kshs. 87 million) will be used to repay a shareholders loan that was used to bridge the purchase of Plush Products in 2006.
The acquisition of Plush is expected to more than double the company's turnover in 2007 Olympia's accounts were not qualified, but the auditors have noted that their company has a negative working capital position - which has been offset by gains from the Botswana subsidiary - from which Olympia generates 5X more turnover than it does from Kenya.
More reading on Olympia: (here and here)
