40237 - Pyramid Pacific

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Summary of Investment Information

Project Number

40237

Company Name

PYRAMID PHARMA LIMITED

Date SPI Disclosed

Dec 6, 2017

Country

Tanzania

Region

Africa

Projected Board Date

Jan 18, 2018

Environmental Category

B - Limited

Status

Active

Last Updated Date

Mar 24, 2019

Department

Regional Industry - MAS Africa

Industry

Health, Education and Life Sciences

Previous Events

Approved : Mar 29, 2018
Signed : May 15, 2018
Invested : Mar 22, 2019

Sector

Other Medical

Project Description

Pyramid Healthcare (the “Company”, or “Group”, or “Pyramid”) is a leading medical consumables and equipment and pharmaceuticals distributor with operations across Sub-Saharan Africa. Pyramid represents internationally renowned manufacturers and provides its clients with full services from importation to in-country servicing with trained technicians.

The Project aims to expand Pyramid’s operations to new markets in Sub-Saharan Africa as well as strengthen Pyramid’s existing operations in Tanzania, Kenya, Uganda, Ethiopia, Rwanda, Mozambique, Nigeria and Ghana to improve access to high quality medical consumables, equipment and pharmaceuticals alongside world-class servicing in these markets.

The total project cost is estimated at US$15M. IFC is considering up to US$7.5M equity investment for IFC’s own account .

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	7.50

Development Impact

- Access to quality healthcare: As Pyramid expands, it will help more healthcare providers in accessing quality equipment and enable them to deliver higher quality diagnostics and procedures benefiting from Pyramid's local presence as it provides trainings for equipment use and onsite maintenance. - Access to quality pharmaceuticals and medical consumables: The investment will support the availability of quality pharmaceuticals and medical consumables in the region and prevent counterfeit and fake drugs from entering the supply chain through consolidation of the market. - Creation of skilled employment opportunities: As Pyramid grows its activities across Sub-Saharan Africa, it will generate employment in countries of operation.

- IFC network and convening power: IFC can connect Pyramid with a range of potential clients and suppliers. Pyramid will have access to IFC's global industry knowledge and regional networks as it expands. - Stamp of Approval: An investment by IFC provides a crucial stamp of approval, which is crucial for Pyramid's future expansion. - Corporate Governance: There is potential for further improvement on Pyramid's corporate governance and IFC is a valuable partner with such expertise.

E&S Category Rationale / Risks and Mitigation

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability. The project is expected to have limited environmental and social impacts and none are expected to be significant. The company owns both office space and warehouses. The operations mainly involve (i) installation and maintenance of equipment at client facilities; (ii) training of end user personnel and (iii) storage and distribution of pharmaceuticals and medical devices. Delivery of supplies is outsourced to contractors. Thus potential impacts and risks associated with activities are limited.

Key issues associated with the project include issues related to the management of human resources, provision of quality products to clients and disposal of old equipment.

Contacts

For Inquiries About the Project, Contact

Pyramid Pharma Limited
M. Abraham Okore
CEO
+255784722444
aokore@pyramidpharma.com
Kijitonyama, A. Hasan Road, 1st Floor TTCL Building, Plot 12C, PO Box 16215, Dar Es Salaam, Tanzania
www.pyramidpharma.com

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Local Access of Project Documentation

Kijitonyama, A. Hasan Road, 1st Floor TTCL Building, Plot 12C, PO Box 16215, Dar Es Salaam, Tanzania

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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