Takamaka Bay Rum’s listing on Seychelles’ stock exchange could provide fuel for market expansion
Takamaka Bay Rum, a product made in Seychelles, is expected to hit 50 new markets in the coming three to five years with funds raised from its new listing on the Merj Stock Exchange.
Trois Frères Distillery, which produces Takamaka Rum, got listed on the Merj Stock Exchange on May 18. Merj Exchange Limited, formerly known as Tropex, is the operator of the Seychelles’ securities market.
The listing comes 20 years after two brothers, Richard and Bernard D’Offay, set up Trois Frères Distillery at the La Plaine St Andre on the main island of Mahe.
Bernard D’Offay told a press conference on Tuesday that “we’ve been going for 20 years now and this is the evolution of the business, and at the end of the day we want to get Takamaka to the world. We want consumers in all four corners of the world tasting the spirit from the Seychelles.”
“This listing gives the mechanism to raise the funds to be able to expand and take Takamaka to 50 international markets within the next three to five years,” he added.
Richard D’Offay, the other founder of the Trois Frères Distillery, said that “it’s been three years of development which has got us to this point to be actually listed on the Merj stock exchange. We are very very proud of that.”
Richard D’Offay said the company is looking forward to the next step of the evolution of the Takamaka Rum.
Takamaka Bay Rum was established in 2002 at the old plantation house of La Plaine St Andre, which was originally built in 1798.
The dark rum, which is a sugar cane rum of the island nation, has grown to become a global brand and one of Seychelles’ major exports, occupying a lead spot in major duty-free shops in the world including Dubai.
The rum is also available in Europe with distribution points in the United Kingdom, Germany, United Arab Emirates, China, Mauritius, Madagascar, Maldives, South African and Djibouti.
To support its expansion, the company has now the first molasses distillery in Seychelles, an archipelago in the western Indian Ocean, which has a capacity of distilling 600 bottles a year. This move hopes to cut out the need to spend foreign exchange in buying its molasses in the region as is currently the case.
The founders of the company also said that “it is wonderful for them to be able to share the ownership of the company with the Seychellois people as well as strategic investors both locally and abroad which they believe will help drive the business and industry further.”
Currently, a Seychelles insurance company (SACOS), Seychelles Breweries and Bodco, are among other local companies listed on Merj exchange.
Brenda Bastienne, a Merj representative, said that people have shown an interest in investing in local companies – a trend she expects to also continue with the arrival of Takamaka Bay.
Prospective investors will be able to buy shares of the Trois Freres Distillery once the company completes the necessary protocols.