Pearl Dairy IV

active

 The proposed investment consists of up to US$35 million senior loan package to Maziwa and its subsidiaries (Pearl Dairy Farms Ltd or “PDFL” and Musty Distribution Limited or “Musty”, together “Pearl Dairy” or “the Company”) to finance the Company’s (i) capacity expansion plans in Uganda and in Kenya (US$ 21 million) including the upgrade and capacity increase of the powder milk plant in Uganda, and the acquisition of a packing plant in Kenya, and (ii) refinancing of existing Standard Chartered Bank loan in Uganda (US$ 14 million) (the “Project”).  Pearl Dairy was established in 2009 in Uganda. Pearl Dairy’s product portfolio includes UHT milks, powder milks, flavored milks, yoghurts, butter, honey and more. The Company supplies its local market as well as most of East Africa. As of October 2022, the group employs c. 1,226 people (directly and through 3rd party), sources milk from over 15,000 farmers (2/3 in Uganda, 1/3 in Kenya) and distributes across the continent to retailers, wholesalers and end-consumers through 80 sales points in 2 operating countries.