Personal care products manufacturer KAS Africa has secured a $10-million investment from Mauritian investment company TRT Investments for the acquisition of a new plant and equipment to build capacity and capability.
TRT has acquired a 49% stake in KAS Africa, which also now has access to working capital facilities put in place by TRT Investments with support from the African Export-Import Bank.
The transaction will enable KAS Africa to ramp up capital investment in line with its plan to grow aggressively in South Africa and across the continent.
Among other plans, KAS Africa will enhance its product range, grow its client base and build state-of-the-art, world-class manufacturing facilities across the continent, it states in a media release.
“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,” says KAS Africa CEO Vinny Perumal.
This investment is in line with TRT Investments’ drive to support industrialisation and economic growth across the continent.
“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,” notes Perumal.
“We have bought a significant share in KAS Africa because it fits into TRT’s strategy of industrialising Africa and helping to build it into the alternate supply chain of the world.
"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,” adds TRT Investments chairperson Adam Molai.