Packaging firm SKL plans capital raise on NSE debut

Shri Krishana Overseas PLC (SKL), a packaging manufacturer, listed 50.5 million ordinary shares at Sh5.9 per share on the Nairobi Securities Exchange’s SME Market Segment, with 8.7 million shares immediately offered for trading.

Growth Plans

The company plans to construct a 22,000-tonne packaging materials facility in Kisaju, Kajiado County, expected to open by year-end 2025. According to SKL Finance Director Nirmla Devi, the new plant will address growing demand from horticulture exporters handling “avocados, herbs, mangoes, and vegetables,” as well as floriculture and FMCG sectors expanding operations across Kenya and East Africa.

Company Background

Founded in 2009 by Sonvir Singh and Nirmla Devi, SKL initially operated as a commodities trader before transitioning to packaging manufacturing. The company currently operates a facility in Nairobi’s Industrial Area.

Strategic Rationale

Managing Director Sonvir Singh stated the listing provides “a firmer footing” for long-term sustainability beyond the founders, adding that listing requirements establish necessary corporate structures. He emphasized the move “opens the door for more Kenyan and international investor[s] to share in our success.”

Transaction Advisors

The listing involved Synesis Capital (lead transaction advisor), MWC Legal (legal advisors), Afrek and Associates (reporting accountants), Image Registrars Limited (company secretary and registrar), and Prakash Associates (auditors).