SOUTH AFRICA – Kiara Health Limited has secured funding of growth and replacement capital from Tamela Capital Partners to buy out the remaining 49% of shares in Pharamafrique Limited from Imperial Logistics Proprietary Limited.
The funding will see Kiara become a wholly black owned and managed pharmaceutical manufacturing and healthcare solutions company headquartered in Johannesburg, South Africa.
“Tamela is proud to partner with Kiara Health in providing access to quality healthcare not only for South Africa but for the African continent,” Thato Tsita, Partner at Tamela Capital Partners said.
“We see this investment as a catalyst to closing the gap that exists in the manufacturing of affordable health products whilst creating jobs locally and stimulating the country’s economic growth.
“We stand ready to be part of Kiara Health’s growth trajectory and look forward to a long and fruitful partnership with Kiara’s expert management team.”
This investment demonstrates Tamela’s commitment to providing accessible and affordable healthcare on the continent.
“We are excited to have secured Tamela’s funding. Local manufacturing is one of Kiara’s four strategic pillars, and the funding will help us build on our capability and capacities, bolster our core offerings, enabling us to expand our, product portfolio, finance our growth and expand our geographic footprint,” Dr Skhumbuzo Ngozwana, CEO and President of Kiara Health said.
“This partnership with Tamela will effectively add to the value of our business as a 100% fully black-owned and managed pharmaceutical company providing affordable health products on the African continent.”
The partnership that has been created with Kiara will drive transformation in the health sector and is aligned to Tamela’s focus on delivering projects that have a positive socio-economic impact.
Kiara is a diversified local manufacturing company providing pharmaceuticals, medical technology, complimentary, over the counter (OTC) and Biologics to the private and public sector.
The company prides itself in providing contract manufacturing and packaging services to highly pedigreed multinational pharma companies such as Sandoz, Cipla and Servier.