Lato Milk brand owners, Pearl Dairy Farms Limited has set targets for an acquisition in Kenya. This follows a $21 million (KShs2.8 billion) investment by the International Finance Corporation (IFC).
The corporation is looking to drive expansion in the two East African countries, Kenya and Uganda. The private sector investment arm of the World Bank said this investment will support capacity expansion plans in the countries.
These plans include upgrade and capacity increase of the powder milk plant in Uganda and acquisition of a packing plant in Kenya.
The IFC will further invest an extra $14 million (KShs1.87 billion) to refinance the firm’s existing Standard Chartered Bank loan in Uganda.
“IFC, together with FMO, will provide a $35 million long-term loan package to support the project,” said the IFC.
FMO is a Dutch development bank made as a bilateral private-sector international financial institution. It is based in The Hague, Netherlands.
Pearl Diary, based in Mbarara came into existence in 2009 and some of its products are UHT milk, powder milk, flavored milk, yogurts among others. The company supplies its market as well as most of East Africa.
The milk processor which falls under the auspices of Midland Group is a Limited Liability Company. It is owned by the families of tycoons Bhasker Kotecha (50.5%) and Anand Kapoor (49.5%).
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