Investment fund buys stake in Rwandan firm
Stocks & Markets
By
-
| Jan 23, 2013
By John Oyuke
Kenyan-based venture capital fund, Fanisi Capital, has bought stake in a Rwandan pharmaceutical firm, Sophar Limited.
The investment in the Kigali-based company, which imports branded drugs, mostly from Europe and sells in Rwanda, represents a key milestone for the $50 million (Sh4.35 billion) equity fund as it is the first investment outside the country.
Though Fanisi did not disclose the amount invested, citing non-disclosure agreements with the drugs wholesaler, the fund usually make investments with initial values of between $1 and $3 million (approximately Sh87m and Sh261m).
Announcing the investment in Nairobi, the co-Managing Partner of Fanisi Capital, Ayisi Makatiani, said the funding, which was achieved through a mix of equity and debt, will be used to build a drugs warehouse in Kigali.
READ MORE
State plans major audit shakeup to stem graft, wastage of funds
Fuel Levy Trap: Ruto raids fuel levy for additional Sh5 as collateral for Sh120b loan
Pipeline politics: East Africa's joint refinery dream faces slippery path
Creative economy key to job creation, says PS Fikirini Jacobs
Beyond the Silicon Savannah: Why Africa's AI revolution must start 'mashinani'
Airtel takes on Safaricom with Sh5.6b data centre
Lokichar-Lamu crude pipeline plan still on, says Treasury
Employers warn of rising costs, urge Ruto to protect jobs
British Airways parent says Mideast war to hit annual profits
He said that the new investment would significantly expand the company product range from 900 to 3,000 products within a few years, and set up distribution centres for enhanced access and improve supply chain.
“A key benefit is that the investment will allow better access to drugs, especially for the neediest sections of the population,” stressed Makatiani.