Johannesburg – A local contract manufacturer of personal, home, baby and oral care FMCG products has secured over $10m (about R140m) in investment from TRT Investments.
The Midrand-based KAS Africa will get a significant cash injection with the investment, which also sees TRT Investments acquire a 49% stake in the company.
The investment will also assist the company to purchase a new plant and equipment, which is required to build capacity for the manufacturing company.
The investment into KAS Africa by TRT Investments, which has over 20 years experience in manufacturing and distribution in the SADC region, is expected to provide KAS Africa with access to capital facilities which have been put in place by TRT Investments with support from the African Export-Import Bank (Afrexim).
TRT is a Mauritian investment holding business with more than $200 million in assets under its management and a diverse portfolio across Botswana, Mozambique, Nigeria, South Africa, Zambia, Zimbabwe, the US and Europe.
Vinny Perumal, the chief executive of KAS Africa, said the deal was a win-win for both companies.
“As a majority black woman-owned business, we believe continental domestic investment and confidence can transform Africa into an economic superpower. There is a close fit between our contract manufacturing business in the personal care, home care, baby care and oral care sectors, and TRT Investments’ vision for unleashing Africa’s potential as an industrial powerhouse of the future.
“Over the years, we have built one of the continent’s foremost manufacturing plants in terms of size, volume, product variety, and capability standards.
“We have earned a reputation for delivering quality, flexible, local manufacturing capabilities that meet the most rigorous international standards. In partnership with TRT Investments, we will be able to move this innovative business to the next level,” she said.
Adam Molai, the chairperson of TRT Investments, said KAS Africa was aligned with the strategy of having an industrialised Africa.
“Our objective is to increase KAS Africa’s breadth and depth and to grow the company aggressively. We are particularly excited about the potential of expansion into East and West Africa for KAS Africa,” he said.
IOL