Adv Bio-Extracts

completed

Advanced Bio-Extracts Limited (ABE or the company), along with its subsidiaries, is the pioneer and leading commercial producer of artemisinin in East Africa. The company is setting up production facilities to:- extract crude artemisinin from 6,600 TPA of Artemisia annua leaves by June 2007; and - using the crude artemisinin to process up to 50 TPA of pure artemisinin by April 2008. The project is estimated to cost approximately $25.0 million and includes: - $12.4 million of capital expenditure;- $6.5 million of preoperative expenses (including technology development); and- $6.0 million for working capital financing. IFC’s proposed investment will be a combination of long-term debt and quasi-equity of up to $9 million, expected to be in the form of up to $6 million in an A loan and up to $3 million of a C loan for IFC’s own account.The company started commercial production, at a limited scale, in October 2005. Once the artemisinin production is well established, the company plans to diversify into the production of artemisinin- based derivatives and other plant-based extracts, some of which are related to the pharmaceutical industry.