Verdant Capital, a corporate finance firm serving Africa, recently informed MicroCapital that it has arranged a revolving credit facility in the amount of USD 3 million for the Pan African Building Society (PABS), a deposit-taking, non-banking financial institution operating in Zambia. The funds are to be used to support PABS’s invoice discounting and supply chain financing activities. While the name of the initial investor has not been released, Verdant Capital expects additional investors to join the facility to increase its size. Verdant Capital will also provide technical assistance to PABS.
Urvesh Desai, the CEO of PABS, stated that “new and existing clients of PABS will have the opportunity to discount their invoices against pre-approved debtors or buyers and receive early cash payments. [1]”
The core services of PABS include savings and investment accounts, although it also offers mortgage and personal loan products. Since its acquisition of Industrial Credit Company Limited in 2012, PABS has also provided leasing and structured financing to corporate entities. PABS has total assets worth USD 30 million.
About Verdant Capital:
Verdant Capital, a corporate finance firm operating from offices in Johannesburg, South Africa; Mauritius; and Accra, Ghana, provides capital raising as well as merger and acquisition advisory services to clients in Africa. It serves clients in the agri-business, clean energy, business services, financial services and manufacturing industries.
About Pan African Building Society:
The Pan African Building Society, a deposit-taking, non-banking financial institution, was established in 1994 and came under the regulation of the Bank of Zambia in 2005. Its core services include savings and investment accounts, although it also offers mortgage and personal loan products. Since its acquisition of Industrial Credit Company Limited in 2012, PABS has also provided leasing and structured financing to corporate entities. PABS has total assets worth USD 30 million.
By Sharanya Madhavan, Research Associate
Sources and Additional Resources:
[1] Direct contact with Verdant Capital
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