Twiga Foods has devised an employee share ownership plan that will see 156 workers become stakeholders in the company over the next four years.
In the thick of it, the employees will get shares equivalent to 10 percent of the company’s estimated future exit value which is what is raked in after the sale of an asset or a business.
Chief Executive Peter Njonjo says that the move is geared at attracting the best talent that will grow the business and hand it over to the next generation.
“This also aligns with the company’s long-held view of creating value for multiple stakeholders, the farmers we work with, our customers, who consist of informal retailers, our employees, who are critical in bringing everything together and the government, that creates a conducive environment that allows companies like ourselves to operate,” Mr. Njonjo said.
Earlier this year, the company announced a partnership with Twiga Foods to increase agricultural productivity through precision farming.
The partnership is enabled by Kenya’s rapidly expanding Internet of Things (IoT) network.
Liquid Telecom has deployed a complete precision agriculture IoT system to improve farm productivity at Twiga’s Takuwa farm.
The system includes four different types of agriculture sensors: a comprehensive weather station, soil moisture and temperature probes, borehole water meters, and sensors for measuring irrigation water acidity and salinity.
In June 2019, the fresh produce marketer sold part of its to a French long-term investment company, Creadev, for Ksh500 million (US$ 5 million).
Conversely in November 2018, The International Finance Corporation (IFC), TLcom Capital, and the Global Agriculture and Food Security Program (GAFSP) announced a Ksh 1 billion ($10 million) investment in Twiga Foods.