The government has disclosed that tea sector in the country remains an important key industry and large contributor of the country’s economy as it brings broader social economic benefits of stimulating job creation and value addition in the traditional farming sector.
Speaking at the launch the new Chai Bora board of directors in Dar es Salaam on Wednesday, Permanent Secretary in the Ministry of Industry, Trade and Marketing Joyce Mapunjo said that tea industry remains an important sector and contributor to the Tanzanian economy.
She said: “It is encouraging that significant investment and resources are being directed towards the development of the leading products and brands as this translates into broader social economic benefits and eventually stimulates employment and add value in the traditional farming sector.”
The tea packaging firm, Chai Bora unveiled a new board of directors as part of its plans to revamp its operations and grow its regional footprint.
The move comes just days after a private equity firm, Catalyst Principal Partners, which manages a USD125m East African-focused private equity fund, announced that it had acquired Chai Bora businesses from Trans Century, a Kenyan company.
While unveiling the new board, Catalst bos Paul Kavuma explained that “Chai Bora is a recognized super brand in Tanzania where it has established a leading market share as the premier tea company in the country.”
Kavuma also said that their aim is to build upon Chai Bora’s strong legacy and to support accelerated growth of the business within Tanzania and across the region, through improved efficiencies and deeper distribution of products.
“The new board of Chai Bora has a wealth of experiences in relation to product, industry and market and will therefore add significant value to the business,” he said.
For his part, Chair Bora chairman, Ali Mufuruki pledged that the new board will work closely with the management and key stakeholders to ensure that Tanzanian tea becomes more valuable in the local and international markets.
He insisted: “With the active support of the new shareholders and the deep experience within the board, Chai Bora is presented with a compelling opportunity to capitalise on positive economic and demographic fundamentals, moreover rising consumer demand is expected to drive increased consumption of tea,” he said.
He added: “Our goal is to maintain the best practice governance standards, which will ensure affordability and wide availability of Chai Bora’s quality products”.
Chai Bora managing director announced the names of board members as Ali Muufuruki and Yogesh Manek from Tanzania, former CEO of Ketepa Tim Chege and Catalyst Managing Director Rjal Upadhyaya as well as Catalyst Investment Principal Marlene Ngoyi.