Cambria Africa raises debt facility to refinance liabilities

Investment group Cambria Africa has secured an additional 1.5m dollars in debt financing to aid entry of its chemicals distribution subsidiary Millchem into the Zambian market.

Investment group Cambria Africa has secured an additional 1.5m dollars in debt financing to aid entry of its chemicals distribution subsidiary Millchem into the Zambian market.

The funds will also be used to refinance existing liabilities of the company and for general working capital purposes.

Cambria received the funds from Consilium Investment Management, raising its total debt facility with the group to $4.5m.

"Besides refinancing existing liabilities of the company, this new financing facilitates an acceleration of Millchem's entry into the Zambian market," said Cambria's Chief Executive, Edzo Wisman.

"Millchem has increasingly explored opportunities in the region on the back of stellar growth achieved in the Zimbabwean business."

In a trading update in September, Millchem reported organically grown gross profits year-on-year by 95%.

Millchem is a major distributor of solvents, metal treatments, and alkyd resins.

"After the success of initial sales into Zambia, Cambria will now invest in a more structured presence for Millchem, including a Lusaka office and warehouse," Wisman added.

"Various existing suppliers, encouraged by Millchem's rapid growth in Zimbabwe, have already offered to extend Millchem's Zimbabwe agencies into Zambia."

RD

Recommended

Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Three hidden gems from Japan’s overlooked stockmarket
Share tips

Three hidden gems from Japan’s overlooked stockmarket

Professional investor Eiji Saito of JPMorgan’s Japan Small Cap Growth & Income fund picks three promising stocks from Japan's vibrant but under-resear…
13 Sep 2021
Share tips of the week – 10 September
Share tips

Share tips of the week – 10 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
10 Sep 2021

Most Popular

Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021
How you can profit from the power of the grey pound
Share tips

How you can profit from the power of the grey pound

Higher life expectancy and surging asset prices have proved a boon for the baby-boomer generation, which has accumulated vast wealth. Younger generati…
10 Sep 2021