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JAT Holdings PLC bullish about Africa after Incorporating “JAT Paints Africa Limited” in Kenya

JAT Holdings PLC bullish about Africa after Incorporating “JAT Paints Africa Limited” in Kenya
2023-07-27

In line with the investment priorities outlined in its IPO, JAT Holdings PLC, the market leader in wood coating in Sri Lanka, Bangladesh, and the Maldives, has officially expanded to Africa in July 2023, through the incorporation of “JAT Paints Africa Limited” in Kenya, through a joint venture with Mayleen Corp – a Kenya-based diversified business house. Accordingly, the Joint Venture Agreement was signed by Aelian Gunawardene, Managing Director of JAT Holdings PLC and Ruwan Fernando Managing Director of Mayleen (K) Limited, a member of Mayleen Corp in Kenya.

This strategic move is set to strengthen JAT’s position as a leader in wood coatings across Africa, following its exceptional success in South Asia. Fulfilling its commitments to investors, the establishment of JAT Paints Africa in Kenya showcases JAT Holdings PLC’s commitment to expanding its footprint in the East African region and emerging as a leader in wood coatings in Africa. Through this partnership, JAT Holdings will now be able to manufacture and distribute the brand of Sayerlack Wood Coatings and other JAT products in key markets across Kenya and East Africa.

Expressing optimism and discussing the Group’s strategic goals, Aelian Gunawardene – Founder and Managing Director at JAT Holdings PLC said, “It gives me great pride to announce the successful incorporation of this joint venture with a partner who shares our vision for the wood coatings industry. We plan to leverage our wealth of experience and a commitment to innovation, sustainability, providing total solutions and customer satisfaction, to redefine the market and make a lasting impact in Kenya and East Africa. This strategic partnership with Mayleen Corp marks a significant milestone, and together, we are poised to set new standards of excellence. Furthermore, this partnership is aligned with our goal of establishing and growing our business overseas, to further help and support Sri Lanka’s economic rebound and strengthen the export sector. ”The acceptance for JAT’s range of wood coatings among the large furniture manufacturers in Nairobi, Gabon, and Lagos during this visit was beyond expectation and absolutely encouraging.

Mayleen Corp is a dynamic Kenya-based diversified business group with operations spanning across diverse sectors. Since the group’s first operations started way back in 2005 the company has undergone a remarkable transformation from a trading entity into a thriving and distinguished brand known for its impeccable business relations. Mayleen’s expertise encompasses infrastructure development, civil engineering, electrical engineering, manufacturing, design and construction of powerlines, EV public charging stations, Agri business airlines- DMC, and services across Kenya. Mayleen Corp also serves as a local gateway for international groups and companies, facilitating access to the thriving East African market through Kenya.

“Our goal is to work together to establish ourselves as the leading wood coatings provider in Kenya and East Africa,” said Ruwan Fernando – Founder and CEO of Mayleen Corp, “Through our collaboration with JAT Holdings, we gain access to cutting-edge technology and expertise, highlighting our commitment to the industry. Our state-of-the-art facility in Kenya caters to local market demands, offering innovative, eco-friendly, and superior wood coatings. With the strengths of JAT Holdings and Mayleen Corp combined, JAT Paints Africa is poised to make a significant impact, setting new standards of excellence and delivering products of unmatched quality to our customers, along with a unique customer service experience.”

With access to JAT Holdings PLC’s advanced technology and training, the wood coating industry in Africa is set for a remarkable transformation. Presently, the industry relies predominantly on traditional solvent-based coatings known as NC (Nitrocellulose), which may have environmental and performance limitations. However, with the support of JAT Holdings, the industry is expected to transition towards more environmentally friendly options like Water-Based (WB) and other high-quality products which offer superior durability, scratch resistance, and moisture protection as well as Polyurethane coatings (PU). This shift towards a WB+PU offering signifies a positive step forward in adopting sustainable and high-performance wood coating solutions that benefit both the environment and consumers.

JAT Holdings and Mayleen Corp have also already initiated various training programmes in Africa, further solidifying their commitment to the region and its economic development. Through this landmark partnership, JAT Paints Africa is now well-positioned to revolutionize the wood coating industry, offering innovative, eco-friendly, and durable products to meet the diverse needs of customers in Kenya and East Africa.

About JAT Holdings PLC

JAT Holdings PLC is the market leader in wood coatings and brushes in Sri Lanka, with a dominant presence in the paints, and luxury home and office furnishing sectors. With two state-of-the-art manufacturing facilities, located in Sri Lanka and Bangladesh, supported by an advanced Research and Development Centre in Sri Lanka, JAT Holdings continues to fuel innovation, solidifying its position as a key player and emerging conglomerate in the region. Recognized for its financial stability, even in times of adversity, JAT Holdings PLC has been awarded a National Long-Term Rating of 'AA(lka)' by Fitch Ratings, whilst also being prestigiously ranked as the No. 1 Most Awarded Entity in the Diversified Sector by LMD. JAT Holdings’ commitment to its employees and workplace excellence has also been recognized through its certification as a Great Place to Work, making it an employer of choice.