TSL goes regional

Enacy Mapakame

Industrial holdings group TSL Limited is set to diversify into regional markets, with work already underway to penetrate the Zambia and Botswana markets, a top official has said.

This is part of the group’s focus for this financial year and going forward to boost foreign currency generation initiatives.

The group is looking into expanding its business with chemical supplies into Zambia and Botswana.

Group chief operations officer Derek Odoteye told The Sunday Mail Business the group would “soon” penetrate the Zambian and Botswana market with its agro-chemicals as initiatives to generate more foreign currency.

“We are starting to look at opportunities beyond our borders. So the starting point is the chemicals side and we are already looking into Zambia and Botswana to see how we can get them into those regions,” said Mr Odoteye in an interview on the sidelines of the group’s annual general meeting held in the capital last week .

Generating foreign currency is one of the group’s key focus areas for the remainder of the current financial year as well as going ahead as efforts to support its operations.

“In terms of our goals, the first thing we want to do is to become self-sufficient in terms of foreign currency.

“As we grow the business, obviously, our needs increase too and we have to generate sufficient financing to support our businesses,” he said.

Although no specific time-lines were provided for the Zambia and Botswana project, Mr Odoteye highlighted this would be in the near future, given the dire foreign currency situation in the country.

The business is also capital intensive and foreign currency remains at its core.

TSL is also pinning its hopes on new investments on bananas and chillies production to enhance earnings especially foreign currency for vital business operations.

“The 25-hectare banana plantation that we talked about previously has come on stream, and it’s producing quite well, we are pleased with the yields that we are receiving.

“We have also ventured into chillies production to improve our foreign currency earnings,” he said.

The group, which is expected to release half year financials this week, has indicated it had a sound performance and anticipates further earnings growth for the remainder of the current financial year.

The obtaining foreign currency shortages have made it difficult for local industry to retool or acquire essential raw materials resulting in companies cutting on production while in some instances, product supply gaps have been experienced.

But companies are being innovative and coming up with ways of increasing their foreign currency generating initiatives in order to meet their foreign obligations as well as for importation of raw materials and retooling.