Sri Lankaâ€™s Sierra Cables to set up plant in Kenya
ECONOMYNEXT – Sri Lankan cable manufacturer Sierra Cables said it plans to set up a manufacturing plant in Kenya to supply transmission and distribution cables to East African countries.
A stock exchange filing said the firm had recently done a survey in Nairobi, Kenya on the feasibility of setting up a cable manufacturing plant.
“The feasibility study had indicated favourable financial outcomes and a formal project report has been approved by the Board of Directors for implementation in forthcoming months.”
It said the Kenyan economy is expected to grow by six percent in 2015 and infrastructure would be a significant contributor to that growth.
“The company could take part in this growth wave and establish its place in the Kenyan manufacturing sector,” it said.
“The returns would depend on the time considering the facility construction time, initial trial production, and the establishment of the marketing processes.” (Colombo/September 22 2015)