Cabo Verde’s Inpharma issues debt to fund international expansion

17 December 2013

Cape Verdean pharmaceutical company Inpharma issued bonds worth 120 billion escudos (US$11.7 million) to carry out its internationalisation programme, which has already begun in Sao Tome and Principe and Angola, the Cape Verdean press reported.

As well as its international expansion, for which the company is focusing on Portuguese-speaking African companies and the Economic Community of West African States (ECOWAS), the cash raised by issuing the bonds will also allow Inpharma to boost its ability to supply the domestic market as the company has plans to produce 50 percent of the medication consumed in Cabo Verde.

“These new challenges will need new solutions that will serve as a model for this new phase of success for Inpharma,” said the company’s chairman Luís Vasconcelos, noting that attention would initially focus on Portuguese-speaking countries, including Equatorial Guinea, which wants to join the Community of Portuguese-Speaking Countries (CPLP).

Inpharma is the only Cape Verdean company that has so far managed to move outside the country by placing its products and knowledge into countries such as Angola and Sao Tome and Principe.

The bond issue is worth 120 billion escudos for 120,000 bonds worth 1,000 Cape Verdean escudos each. The subscription period ends Friday. (macauhub)