The International Finance Corporation (IFC) is set to lend Kikuyu-based pharmaceutical manufacturer Universal Corporation Limited $10m to help increase its output and introduce new products.
Universal manufactures over 100 formulations including tablets, capsules, syrups, suspensions, ointments and creams.
“The proposed IFC investment is a loan of up to $10 million (Sh1 billion) which is to help the company finance a major investment programme to upgrade its facilities, further increase its product range and strengthen operations of the business,” IFC said of the proposed investment.
Universal’s main shareholders are Strides Pharma (Cyprus) Limited, which owns a controlling 51 per cent stake and the founding directors Perviz Rajnikant Dhanani, Rajan Rajnikant Dhanani and Rupen Haria who hold the remaining 49 per cent.
The company’s factory has been accredited with good manufacturing practice (GMP) certification by local authorities (Pharmacy and Poisons Board of Kenya) and international quality compliance by various drug regulatory authorities.
Billed as one of the lowest cost pharmaceutical producers, the company exports its products to underdeveloped drug markets including Burundi, Congo, DRC, Sierra Leone, Somalia, Angola and Mozambique.