Eos Capital is pleased to announce that it has acquired 35% of the ordinary share capital of Fabupharm (Pty) Ltd, pending Namibian Competition Commission approval, with the aim of supporting Fabupharm in its ambition to become a major player in the Namibian and regional pharmaceutical markets.
Fabupharm is the only pharmaceutical manufacturing plant in Namibia. It was established in 1989, is located in Otjiwarongo, employs more than 70 Namibians and conforms to stringent World Health Organisation standards that are required to manufacture pharmaceutical products.
Fabupharm manufactures paracetamol, antibiotics, vitamin supplements, body lotions and sunscreen, to name a few products on an ever-expanding locally produced product catalogue. These products are for sale to the public at local retailers and pharmacies. Many are also stocked by Central Medical Stores who supply Government’s hospitals and clinics with medical and pharmaceutical products. Fabupharm has also obtained export approval for several of its products which are to be shipped to Botswana, Mozambique and Lesotho, among other destinations.
Johannes !Gawaxab, Eos Capital Executive Chairman states: “Business Monitor International estimates the Namibian Pharmaceutical market to be in the region of N$ 3 billion in 2016 – our aim is to localise more of this market to the benefit of Namibians by expanding on local manufacturing capacity and expertise currently residing in local player Fabupharm. This is consistent with the Industrialisation and Growth at Home strategies of the Government. We are open to public private partnerships and are willing to assist Government in setting up its long-desired Government pharmaceutical plant off the strong base that Fabupharm has built over many years.
Existing majority shareholder and local retail distribution player, Carl Brinkmann, says that he “is excited about the growth prospects of the business and the potential to uplift the profile of the Namibian manufacturing sector, which has been dominated by international players for so long”.
“We are pleased to welcome Eos Capital as partners and shareholders of the company. We at Fabupharm are looking forward to unlocking new growth potential with the addition of Eos Capital’s expertise in the extension of the business in the local, public and export markets”, concludes Fanie Badenhorst, Fabupharm founder and Managing Director.