Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
FEP Holdings CEO Maurice Korir says that with the Ferri Group partnership, the company is projecting additional yearly revenues for Fountain Technologies of up to $10 million by 2020/COURTESY

Energy

Firms in pact to jointly bid for industrial, electrical projects

FEP Holdings CEO Maurice Korir says that with the Ferri Group partnership, the company is projecting additional yearly revenues for Fountain Technologies of up to $10 million by 2020/COURTESY

NAIROBI, Kenya, Jul 3 – Fountain Technologies Limited has entered into a strategic business agreement with Ferri Group, which will see the two companies jointly bid and tender for industrial and electrical projects.

The partnership will be done under a profit share agreement on a project by project basis for any amounts up to $100 million, equivalent to Sh10.3 billion per transaction.

It also gives Ferri Group the option of acquiring minority equity stake of about 30 per cent in Fountain Technologies Limited, a subsidiary of FEP Holdings, within two years time.

FEP Holdings CEO Maurice Korir says that with the Ferri Group partnership, the company is projecting additional yearly revenues for Fountain Technologies of up to $10 million by 2020.

“Through this alliance, we intend to capitalise on existing sales networks and marketing for the distribution of Ferri Group and FTL product lines, as well as increase access to International lines of credit with reputable, global financial services providers,” said Korir.

The CEO of Ferri Group, Roberto Ferri said that the agreement was designed to delight clients through support in improved product and service offering, financing and building human capital in various industrial and energy solutions.

He added that Fountain Technologies would help to reinforce Ferri Group’s brand reliability through consistent, innovative and differentiated services in all African countries where it exists.

The project has been deemed as a win-win strategy for both firms as Fountain Technologies Limited will acquire both the core and strategic capabilities required to compete effectively within the African energy and power infrastructure sector whilst Luxembourg-based company will be on a solid path to initially acquiring new clients and subsequently deepening their presence in the sector.

Current Works

Fountain Technologies is presently implementing energy and telecoms infrastructure projects across the region worth over Sh2 billion.

Advertisement. Scroll to continue reading.

These include Rural Electrification Authority contracts under which it was contracted to extend electricity supply to 591 public facilities and 35,460 households in 16 countries under the BADEA project. The remaining 80 per cent of the project was awarded to international companies.

The company has also secured tower strengthening projects in Tanzania worth Sh70 million and a Sh92 million project for construction of a diesel power station in Kakuma town.

Going forward, Korir revealed that Fountain Technologies Limited’s next big frontier is renewable energy in off-grid areas.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...