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Kim-Fay partners with Norfund and I&M Bank on world-class facility at Tatu City, Kenya

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Investment solidifies Tatu City as the leading hub for foreign direct investment & Kenyan industrial growth

TATU CITY, Kenya, Aug. 22, 2024 /PRNewswire/ — Kim-Fay, a leading manufacturer and distributor of hygiene, tissue, and home care products in East Africa, has secured funding from the Norwegian Investment Fund for Developing Countries (Norfund) and I&M Bank for its new facility at Tatu City, the 5,000-acre mixed-use Special Economic Zone on Nairobi’s doorstep.

The Norfund and I&M Bank financing will support Kim-Fay’s business expansion, focusing on providing affordable tissue paper to lower-income market segments. The funds will be directed towards constructing a new recycled paper manufacturing facility at Tatu City, using locally sourced wastepaper. The new facility is expected to be operational by 2025.

“This investment comes at a crucial time as the demand for tissue and hygiene products continues to grow in Kenya and the wider East-Africa region,” said Raj Bains, Chief Executive Officer at Kim-Fay. “Our new facility at Tatu City will enable us to meet this demand more efficiently while supporting our sustainability commitment through recycled materials. We thank Norfund and I&M Bank for their support in this venture.”

David Karimi, Deputy Country Head and Head of Sales at Tatu City, stated, “We are thrilled to welcome Kim-Fay to Tatu City. This partnership not only strengthens Tatu City’s position as a premier investment destination but also aligns with our mission to foster economic growth and sustainable development. The collaboration with Norfund and I&M Bank underscores Tatu City’s attractiveness to world-class enterprises which contribute to Kenya’s economic growth.”

Kim-Fay is licensed in Kenya to manufacture, market, and distribute products for Kimberly-Clark, the world’s leading producer of consumer tissue, with globally renowned brands such as Kleenex, Kotex, and Huggies. The company also distributes Unilever’s Dove and Lux brands in the region. It recently signed a distribution agreement with Dabur Limited, the Indian multinational consumer goods company known for its Ayurvedic products.

The investment from Norfund and I&M Bank aligns with Norfund’s mandate to support sustainable enterprises, create job opportunities, and improve lives in developing economies.

William Nyaoke, East Africa Director at Norfund, commented, “We are excited about this partnership with I&M Bank to finance Kim-Fay’s expansion and the development of a state-of-the-art wastepaper recycling facility at Tatu City. This project is a testament to our commitment to fostering sustainable business practices and economic growth in the region.”

Edward Burbidge, Chief Executive Officer at I&M Burbidge Capital, commented, “We are pleased to have advised Kim-Fay on its debt capital raise and are delighted to have managed the process to secure high-profile, long-term financing partners for the Tatu City tissue manufacturing facility.”

Kim-Fay’s product range includes baby care, feminine hygiene, and personal care products, currently serving markets in Kenya, Uganda, Tanzania, and Rwanda. The company’s strategic focus on affordability and sustainability positions it well to cater to the increasing demand for hygiene products, driven by a growing middle class and heightened consumer awareness of hygiene practices.

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More than 80 local, regional and global businesses are operational or under development in Tatu City’s business-friendly location, including CCI Global, Heineken, Dormans, Kärcher, Cooper K-Brands, Grit Real Estate Income Group, Twiga Foods, Freight Forwarders Solutions, ADvTECH, Friendship Group and Davis & Shirtliff.

Business benefits at Tatu City SEZ include VAT zero-rating, import and stamp duty exemptions and 10% corporate tax for the first 10 years and 15% for 10 years thereafter.

About Tatu City (https://www.tatucity.com/)

Tatu City is a 5,000-acre new city on Nairobi’s doorstep with homes, schools, businesses, a shopping district, medical clinic, nature areas and recreation for more than 250,000 residents and tens of thousands of day visitors. Tatu City’s schools educate thousands of students daily, a range of homes suits all incomes and more than 80 businesses thrive in the country’s first operational Special Economic Zone. Located 30 minutes from Westlands, Tatu City represents a new way of living and thinking for all Kenyans in a live, work and play environment that is free from traffic congestion and long-distance commuting.

Tatu City is a development by Rendeavour, Africa’s largest new city builder with 30,000 acres of visionary projects in growth trajectories across Ghana, Nigeria, Kenya, Zambia and the Democratic Republic of Congo. For more information about Rendeavour, please visit https://www.rendeavour.com/.

Photo – https://mma.prnewswire.com/media/2487673/Kim_Fay_Tatu_City.jpg

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Novo Holdings to acquire Benchmark Genetics, a leader in aquaculture genetics

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COPENHAGEN, Denmark, Nov. 25, 2024 /PRNewswire/ — Novo Holdings today announced that it has agreed to acquire the Norwegian fish genetics company Benchmark Genetics from Benchmark Holdings plc for an enterprise value of up to £260 million.

Headquartered in Bergen, Norway, Benchmark Genetics is a leader in salmonid genetics, providing eggs and other genetic services to both traditional and land-based farmers, operating across Norway, Iceland & Faroe Islands, Chile, and other major geographies.

The Company’s core genetics offering drives resource-efficiency in fish and shrimp farming by addressing key production challenges including growth rates, feed conversion and disease resistance. By combining its long-established breeding programs and the latest genomic tools, Benchmark Genetics help aquaculture producers increase quality, yield, health, and animal welfare.

The Company has customers in more than 50 countries and employs 270 people globally.

The transaction is aligned with the Novo Holdings Planetary Health Investment team’s strategic focus on aquaculture technology to drive growth, innovation, and sustainability, complementing the recent investment in Stingray Marine Solutions.

Aleks Engel, Partner, Planetary Health Investments, Novo Holdings, said: “We are very pleased to announce plans to acquire the Benchmark Genetics business from Benchmark Holdings. Both animal and plant genetics hold immense potential to transform the global food industry, enabling more efficient and sustainable ways to feed a growing population. In particular, advancements in aquaculture genetics, such as those in the salmon industry, present significant opportunities to improve productivity, resilience, and environmental outcomes.”

Johan Hueffer, Senior Partner, Principal Investments, Novo Holdings, added: “The investment in Benchmark Genetics provides us with increased exposure to the salmon industry, which benefits from highly attractive underlying dynamics. Further it represents an opportunity to support a leading animal genetics platform with global ambitions. Partnering with an experienced management team, we are confident in the company’s ability to drive meaningful advancements in this field. At Novo Holdings we are excited to leverage our industry experience and extensive network to help realise the company’s full potential and contribute to sustainable growth in the aquaculture sector.”

Trond Williksen, CEO of Benchmark, continued: “I am very pleased to have signed an agreement to sell our Genetics business to Novo Holdings. Benchmark Genetics is a leading aquaculture genetics business with great potential and Novo Holdings is an excellent owner to take the business forward.”

Geir Olav Melingen, Head of Benchmark Genetics, concluded: “I am very excited about the future of our business. We have a great opportunity ahead and look forward to continuing our journey with Novo Holdings bringing solutions to the aquaculture industry to improve productivity, resilience and sustainability.”

Transaction highlights

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  • Initial consideration of £230 million
  • Additional contingent consideration of up to £30 million based on certain revenue thresholds
  • Completion is expected during the first quarter of 2025 subject to shareholder approval and receipt of customary regulatory clearances
  • Shareholders representing approximately 71% of the issued ordinary share capital of Benchmark have irrevocably agreed to vote in favour of the transaction

PJT Partners are acting as financial advisor to Novo Holdings. Latham & Watkins are acting as legal advisor to Novo Holdings.

About Benchmark

Benchmark is a leading aquaculture biotechnology company. Benchmark’s mission is to drive sustainability in aquaculture by delivering products and solutions in genetics, advanced nutrition and health which improve yield, growth and animal health and welfare.

Through a global footprint in 26 countries and a broad portfolio of products and solutions, Benchmark addresses many of the major aquaculture species in all the major aquaculture regions around the world.

www.benchmarkplc.com

About Novo Holdings A/S

Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk 

About the Novo Nordisk Foundation

Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people’s health and the sustainability of society and the planet. The Foundation’s mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society.

 

View original content:https://www.prnewswire.co.uk/news-releases/novo-holdings-to-acquire-benchmark-genetics-a-leader-in-aquaculture-genetics-302315282.html

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Quantum Security and the Financial Sector: Paving the Way for a Resilient Future

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The World Economic Forum (WEF) has released a pivotal white paper in collaboration with the Financial Conduct Authority (FCA), titled “Quantum Security for the Financial Sector: Informing Global Regulatory Approaches”. This January 2024 publication underscores the urgent need for global cooperation as the financial sector transitions from a digital economy to a quantum economy, highlighting both the immense opportunities and cybersecurity challenges posed by quantum computing.


Quantum: A Double-Edged Sword for Finance

Quantum computing offers transformative benefits for the financial sector, such as accelerated portfolio optimization, enhanced fraud detection, and improved risk management. Yet, it simultaneously threatens the very foundation of cybersecurity. With quantum’s ability to break traditional encryption methods, sensitive data and financial transactions face significant risks. The white paper warns that such vulnerabilities could erode trust in the financial system and destabilize global markets.

The urgency to prepare is evident, with some quantum threats, such as “Harvest Now, Decrypt Later” attacks, already emerging. Governments and regulators, including the United States with its National Security Memorandum on Quantum (2022), have begun advocating for quantum security readiness by 2035. However, as noted in the paper, transitioning to a quantum-secure infrastructure is a monumental task requiring unprecedented coordination between regulators, industry leaders, and technology providers.


A Collaborative Framework: Four Guiding Principles

To address the complex challenges posed by quantum technologies, the WEF and FCA have proposed four guiding principles to inform global regulatory and industry approaches:

  1. Reuse and Repurpose: Leverage existing regulatory frameworks and tools to address quantum risks, rather than creating entirely new systems.
  2. Establish Non-Negotiables: Define baseline requirements for quantum security, ensuring consistency and interoperability across organizations and jurisdictions.
  3. Increase Transparency: Foster open communication between regulators and industry players to share best practices, strategies, and knowledge.
  4. Avoid Fragmentation: Prioritize global collaboration to harmonize regulatory efforts and avoid inconsistencies that could burden multinational organizations.

These principles aim to create a unified, forward-looking strategy that balances innovation with security.


A Four-Phase Roadmap for Quantum Security

The white paper introduces a phased roadmap to help the financial sector transition toward quantum security:

  1. Prepare: Raise awareness of quantum risks, assess cryptographic infrastructure, and build internal capabilities.
  2. Clarify: Formalize engagement between stakeholders, map current regulations, and model the cost and complexities of transitioning to quantum-safe systems.
  3. Guide: Address regulatory gaps, translate technical standards into actionable frameworks, and develop industry-wide best practices.
  4. Transition and Monitor: Implement cryptographic management modernization and adopt iterative, adaptable regulatory approaches to remain resilient in the quantum economy.

This roadmap emphasizes adaptability, encouraging stakeholders to continuously refine their strategies as quantum technologies evolve.


The Path Forward: Collaboration as a Catalyst

The transition to a quantum-secure financial sector is not merely a technological shift but a comprehensive rethinking of how industries and regulators approach cybersecurity. The interconnected nature of global finance means that collaboration between mature and emerging markets is crucial to avoid vulnerabilities that could undermine the entire system.

Regulators and financial institutions must act with urgency. As Sebastian Buckup, Head of Network and Partnerships at the World Economic Forum, notes in the report:
“The quantum economy era is fast approaching, and we need a global public-private approach to address the complexities it will introduce. We welcome this opportunity to collaborate with the FCA to chart the roadmap for a seamless and secure transition for the financial services sector.”

Similarly, Suman Ziaullah, Head of Technology, Resilience, and Cyber at the FCA, emphasizes:
“Quantum computing presents considerable opportunities but also threats. The financial sector relies heavily on encryption to protect sensitive information, the exposure of which could cause significant harm to consumers and markets. Addressing this requires a truly collaborative effort to transition to a quantum-secure future.”


Global Impact: Ensuring Resilience in an Evolving Landscape

As quantum technologies mature, they will redefine the landscape of cybersecurity. The financial sector, as one of the most sensitive and interconnected industries, must prioritize preparedness to ensure stability, protect consumers, and maintain trust.

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The Quantum Security for the Financial Sector: Informing Global Regulatory Approaches white paper offers an essential foundation for continued dialogue and action. By adhering to the guiding principles and roadmap outlined in the report, stakeholders can navigate this transformation with foresight and cooperation.

The full report, published by the World Economic Forum, highlights the need for a unified global approach to quantum security, serving as a rallying call for industry and regulatory leaders alike.


Source: World Economic Forum, “Quantum Security for the Financial Sector: Informing Global Regulatory Approaches”, January 2024.

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Three-day Middle East Organic and Natural Product Expo clocks 25% rise in visitors

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Dubai expo spices up regional organic products industry

DUBAI, UAE, Nov. 25, 2024 /PRNewswire/ — The 22nd Middle East Organic and Natural Product Expo 2024, which concluded in Dubai on Wednesday (Nov 20), succeeded in registering tremendous growth in terms of exhibitor as well as visitor numbers.

 

 

The expo featured more than 550 exhibitors, an 80% surge from the past year, and attracted 15,200 trade visitors, a 25% rise when compared to the past show, strengthening its position as the region’s biggest and most comprehensive organic and natural products event.

“We are thrilled to announce the successful conclusion of the 22nd Middle East Organic and Natural Product Expo 2024. This year’s event witnessed a remarkable growth in both the number of exhibitors and visitors, reflecting the increasing interest and commitment towards organic living. The Expo has delivered on its promise, providing exceptional value to all stakeholders involved. We extend our heartfelt gratitude to all participants, partners, and visitors for their unwavering support and contribution to making this event a tremendous success. Together, we are fostering a healthier, more sustainable future,” said Shinu Pillai, Exhibition Director of the Middle East Organic and Natural Products Expo.

From lively exhibitor stands to informative conference sessions and several special sessions such as Organic Super Kitchen, Beauty Corner, Yoga Extravaganza, a special pavilion for tea and coffee, Fresh Produce Pavilion, and Superfoods Pavilions, the Expo offered a comprehensive platform for visitors to explore everything natural and organic, spanning food and drink, living, health, nutrition, beauty & cosmetics and beyond.

The Sri Lanka Export Development Board, which successfully organised the Sri Lankan Pavilion at the Expo, received enthusiastic response. “Given the rising global demand for natural and organic products, our participation in the Expo was incredibly timely. We received an overwhelmingly positive response at the Expo so much so that we are already planning our participation in the next edition of the Expo,” said Ms Vinoka Perera, Assistant Director, National Organic Control Unit, Sri Lanka Export Development Board.

The Expo also witnessed the global debut of Malaysia External Trade Development Corporation’s (MATRADE) Malaysia International Halal Showcase, titled MIHAS@Dubai. “With its very first edition, MIHAS@Dubai provided us with direct access to the thriving Halal and organics industry in the region. Our collaboration with Middle East Organic and Natural Product Expo helped us further expand our reach and impact,” said Datuk Seri Reezal Merican Naina Merican, Chairman, MATRADE.

“We are excited about the new opportunities arising from our collaboration with the Middle East Organic and Natural Product Expo. MIHAS debut in Dubai within the expo allowed us to enhance our presence in the region,” said Datuk Mohd Mustafa Abdul Aziz, CEO, MATRADE. 

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“The inclusion of the world’s largest Halal fair added a new and exciting dimension to the Expo, enriching the experience for all attendees. This collaboration underscored our commitment to promoting sustainable and ethical practices in the organic and Halal industries,” said P Ravi, Director, Global Links Exhibition Organizers & Conferences, which organizes the organics expo.

Some of the first-time participants were in awe of the Expo. “The event was a remarkable experience for us, especially as it marked our first participation in an international fair. We received a significant number of enquiries, which exceeded our expectations and opened up new business opportunities for us,” said Patnaree Royruangpanich, Co-Founder & CMO, S&P Bioenergy Co., Ltd, Thailand.

The Agricultural and Processed Food Products Export Development Authority (APEDA), the nodal agency for the promotion of agricultural and processed food products exports from India, showcased India’s inherent advantage and strength in natural and organic products as part of the Indian Pavilion at the Expo. “We successfully organized a buyer-seller meeting during the event, which was instrumental in bringing buyers and sellers together,” said Ms Vinita Sudhanshu, General Manager, APEDA.

The participation by Uganda was aimed at exploring opportunities for Ugandan agricultural producers and distributors. “Uganda’s organic sector has tremendous potential for growth, and the Middle East Organic and Natural Products Expo became a vital platform for promoting Ugandan organic products,” said Hon. Lt. Col (Rtd) Bright Rwamirama, Ugandan Minister of State for Animal Industry.

Following the grand success of the 22nd edition, the 23rd Middle East Organic and Natural Products Expo 2025 is all set to be held from November 17 to 19 at Dubai World Trade Centre.

More information available at https://organicandnatural.com/

Contact: Jennie Robin
Phone: +971 4 8747 528
Email: [email protected]

Photo: https://mma.prnewswire.com/media/2566494/Middle_East_Organic_and_Natural_Product_Expo.jpg

 

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