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Haltons’ expansion plans to benefit from IFC loan

Haltons, the pharmacy chain backed by private equity firm Fanisi Capital, looks set to receive a $3 million loan from the IFC to support its planned $10 million expansion project.

Fanisi Capital first invested in Haltons in 2013 via its $50 million Fanisi Venture Capital Fund, spending $3 million for an undisclosed stake. In late 2015, the private equity firm announced that it planned to invest another $19 million in the pharmacy chain, which targets  the middle-to-low income market across East Africa, with the goal of quadrupling the number of outlets in its chain to more than 200 stores. The expansion project also calls for the firm to invest in a central warehouse and distribution facility and upgrade its information technology systems.

According to an investment information summary published on the development finance institution website, its board is scheduled to meet and consider the loan for approval in mid-December.

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