Actis
injects Sh1 billion in grain company
February 7, 2007
Actis, a private equity investor in emerging markets, has
invested Sh1.05 billion ($15 million) in the Mombasa-based Grain Bulk
Handlers Limited (GBHL).
The firm on Tuesday announced that it had made its first
investment in the agri-business infrastructure in Kenya since it was
launched in April 2006.
The new funding will go towards putting up what it
described as state-of-the-art integrated grain terminal at the Mombasa port.
"This investment makes Actis a significant minority
shareholder in GBHL," said Mr Andrew Tillery, an Investment Principal at
Actis.
Through the investment, Actis will have a representation
on the GBHL board.
"We will also provide strategic leadership in the business
in its next phase of growth," said Tillery.
With Actis’s participation we have great faith that the
management team will be successful in achieving the growth plan for the
business to realise its full potential."
GBHL started operations in Kenya in 2000. The company
boast of a daily discharge rate of over 10,000 tonnes per day and is
currently expanding its silo storage capacity to over 150,000 tonnes.
GBHL provides a world-class facility with very high
standards of environmental management together with health, safety and
social policies.
The Actis Africa Agribusiness Fund was launched last year
with a committed capital of $92 million.
This is the eighth investment made by the fund and
compliments agribusiness investments made in Cote d’Ivoire, Zambia, Tanzania
and South Sudan.
Mr Mohamed Jaffer, the Executive Chairman of GBHL said
that he expects the company to benefit from the increased participation of
Actis in its operations.
"GBHL will benefit from its association with Actis. We
believe Actis will add value to the business as the company expands," said
Jaffer.
Actis is a leading private equity investor in emerging
markets and currently has $3.3 billion fund under management.
