FSG, commonly known as Lyn’s Funeral Parlour and Kagiso Funeral Parlour, is to beg up P 36 million from investors as it tries to increase shareholders’ value from the dead, a statement from the company said Friday.
The company picked up one of the country’s top stock-broking firms in terms of raising cash from the way-ward activities. Motswedi Securities was the first broking-firm to be the sponsoring broker for a company that is making money through other people’s misfortunes by listing Letshego Holding Limited.
“The company is a holding company for four subsidiaries: Kagiso Funeral Parlour Ltd, M& N Coffin and Casket Manufacturers, Private cemeteries and V and N Coffins, which operates in ZambiaÔÇöone of the countries in the southern African region with the highest HIV/AIDS deaths until recently.
“Lyn’s and Kagiso are engaged in the business of the supply of coffins and caskets and provision of funeral-related services under the name and style “Lyn’s Funeral Parlour” and “Kagiso Funeral Parlour” in southern and northern Botswana, respectively.
“In addition, Lyn’s is involved in the manufacturing and distribution of coffins and caskets from manufacturing plants in Gaborone for sale throughout Botswana,” the company said.
The biggest in the industry is a rip-off which is being perpetrated against the customer. Simply put, a coffin that costs P6 000 will ordinarily cost less than P 400 in material and less than P200 in labour costs while a casket will cost you on an entry level about P3000 material and P 1 000 labour costs for something that is going to be sold for over P 12 ,000 apiece.
On top of that, the funeral parlours are making money out of transport costÔÇö while a trip from Gaborone to Selebi- Phikwe costs a live person less than P 100 a head, they charge outrageous amounts to ferry the dead.
“The company recently established private cemeteries to develop a concept of private cemeteries in Botswana.
“The listing will widen investor base, enhance investor and public awareness of the company; provide the company with future source from which capital can be raised, if required, to facilitate ongoing expansion and afford shareholders, the opportunity to participate directly in the equity and future growth of the company,” the company said.
Lyn’s transformed its image in the early 2000s after Botswana Insurance Holdings Limited, the parent company of the giants, Botswana Insurance Fund Management and Botswana Life, took a stake in the company. That came with the transformation of its image from being a company active in the southern corner of the country into a national icon.
Lyn’s will list on August 7, at 100 thebe per share while First National Bank of Botswana, which pioneered First Funding, will be the receiving bank.
