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Chandarias to earn Sh1 7bn from firm sale
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Investegate |Grit Real Estate Inc Announcements | Grit Real Estate Inc: IFC loan agreed to acquire Kenyan logistics asset
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IFC lends Mauritius firm Sh2.7bn for Orbit factory acquisition
Thursday May 06 2021
Summary
The deal, valued at Sh4.3 billion, was to be completed last year but had delayed due to economic uncertainty brought by the Covid-19 pandemic.
Grit has now approached IFC to provide part of the funds needed to conclude the transaction.
The International Finance Corporation (IFC) is set to lend $25 million (Sh2.7 billion) to Grit Real Estate Income Group to fund its purchase of manufacturing facilities from consumer goods manufacturer Orbit Products Africa.
The Mauritius-based property firm announced in October 2019 that it had signed an agreement with the contract manufacturer for global firms such as Reckitt Benckiser, Colgate-Palmolive and Unilever to buy its 20 acres of land in Mlolongo, Machakos which houses its factory.
President Cyril Ramaphosa and key officials in his administration appear to realise this.
Spooked by the ghosts in government’s BBBEE machine, the current leadership has in effect eschewed its empowerment mandate in some of the procurement plans for distributing Covid-19 vaccines.
This is a sad development.
Fears for the most undesirable elements in the BBBEE dispensation are informing real-time decisions that exclude legitimate black-owned businesses from much-needed opportunities.
A week ago, this journalist raised the matter on Twitter. It was a foolish decision. The matter elicited a fierce response, including spurious accusations of racism.
If there is any need for a
31 January 2021 - 07:56 By HILARY JOFFE Picture: DADO RUVIC/REUTERS
SA s private sector is gearing up to deploy its formidable health-care infrastructure in the rollout of the vaccination programme, with business working closely to support the government on vaccine distribution.
The large pharmaceutical warehousing and logistics providers are ready to put their extensive networks and IT systems at the disposal of the government, as are private hospital groups, pharmacies and medical practices as SA embarks on the programme, which will launch after the first doses land on Monday.
Mines have also offered their extensive health-care facilities, which could rapidly vaccinate up to 3-million people in mining communities across SA.
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