Kenyan Drug Maker Lands $10m Investment from IFC

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The International Finance Corporation (IFC) is set to lend Kenyan pharmaceutical manufacturer Universal Corporation Limited $10 (Sh1 billion) 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.

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