Industrial Promotion Services (Tanzania) Ltd. (IPS(T)), an affiliate of the Aga Khan Fund for Economic Development (AKFED), has committed T.Shs1.95bn on behalf of an AKFED-led consortium, to acquire and rehabilitate Tanzania's largest printing and packaging plant, KIBO Paper Industries Ltd. (KIBO), which the government is privatising.
IPS(T) and AKFED will re-launch the company as TLL Printing and Packaging Ltd.
TLL Printing and Packaging Ltd. will undergo a TShs.1.1bn extensive rehabilitation programme to be managed by IPS(T). KIBO, which was established in 1965, has four divisions: printing and packaging, multi-wall bags, corrugated cartons and a paper mill. IPS(T) will revive major operational areas for the first time since production at KIBO was suspended in March 1997 due to serious working capital constraints.
AKFED and the IPS group bring...