South African FMCG firm Bounty Brands has received Sh2.1 billion from the International Finance Corporation (IFC) to fund its expansion across the African continent, according to a report published by Business Daily Africa.
The company will be working with SME distributors to expand its Pan-African network into Botswana, Mozambique, Zambia and Kenya, said the IFC in a statement.
According to the IFC, personal care accounts for 36 percent of Bounty Brands` sales, with Essence Cosmetics a key brand, followed by food (36 percent) and home care (27 percent). In the medium term, Bounty plans to move away from its current contract manufacturing and wholesale strategy and start direct manufacturing.
(c) 2017 2016 Emirates News Agency (WAM) Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers