Kenya male condom demand stands at 360 million. FILE PHOTO | NMG
American investment firm Restance Inc is set to sink Sh450 million to establish a condom-making plant in Kenya.
The
firm will invest through East African Development Partners LLC, which
it acquired 100 per cent in exchange for five million shares of Restance
Inc. The shares were on Friday trading at Sh9 on the OTCMKTS, an
over-the-counter exchange.
An investors’ brief on its
website indicates Restance has already acquired assets and business
operations that include manufacturing equipment for the condom
production facility.
It also announced retention of
East African Development Partners LLC top official Randell Torno as the
new chief executive for its Kenyan unit.
Restance,
which has vast interests in the real-estate sector, technology and
systems integration as well as health products, said it was in talks
with a major global condom brand for production and distribution of
condoms across Africa.
“For the upcoming
buy-one-give-one #DoItForAfrica campaign, we anticipate to generate Sh2
billion in annual sales and contribute to the United Nations goal of
eliminating the spread of Aids in Africa,” it said.
Top
officials held a meeting with Kenya’s envoy to the US, former Finance
minister Njeru Githae, to plan an investment tour of Nairobi.
“Restance
is pursuing several business lines in the growing economies of East
Africa. The company is developing opportunities in the region including
initiatives in technology and systems integration services, utility
support services, affordable housing and health products manufacturing,”
it said.
The investment in condom manufacturing is the firm’s first step in pursuit of several business lines in East Africa, it said.
According
to a recent study on Kenyan men’s condom use, demand stands at 360
million against a supply of 190 million, which are all imports.
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