According to the IFC, 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).
As stated by the IFC, the Company was founded in Uganda by Mr. Kotecha and Mr. Kapoor, long-experienced businessmen in the region. In 2019, TPG Rise Fund, an impact Private Equity fund managed by global asset manager TPG, became a shareholder alongside the founders.
Founded in 2009, Pearl Dairy is Uganda’s largest dairy processor and the second largest in East Africa. The company operates a milk processing facility in Mbarara district, Uganda.
Pearl Dairy is also registered in Kenya under the name “Musty Distribution”.
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