The Abraaj Group had announced last Monday a decision to invest in one of its funds in the African Industrial Services Group. The investment would provide funding for the AIS to expand its service offerings for both current and new customers.
Another part of the business that would benefit from the capital infusion is the company's inventory management system through West Africa. The company would be focusing on developing four core areas of the business, namely product range extension, geographical area expansion, new market consolidation and in-house production capacity increase.
The statement did not specify Abraaj's investment in the company.
Established in 2001, AIS has an established presence across West African countries such as Benin, Burkina Faso, Guinea, Liberia, Senegal, Sierra Leone and Togo. It is based out of Cote d'Ivoire.
According to Abraaj Group Managing Director Kodjo Aziagbe, "We are very optimistic about our first investment in Cote d'Ivoire. We believe the industrial services sector is, in particular, witnessing rising domestic and regional demand for more affordable, locally produced components, and therefore exhibits solid potential to drive long-term growth through product innovation, improved penetration and channel expansion."
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