This archive report was first published on 24 October 2019.
On October 24, 2019, Panafrican Equipment Kenya Limited made a significant investment announcement, committing Ksh500 million to extractive industries such as mining, agriculture, power, and energy markets.
The investment will see the establishment of a one-stop-shop office complex, featuring a spare part warehouse, hose making shop, training facility, and customer reception area.
As the local distributor for Komatsu, Wirtgen Group, and AGCO machinery in Kenya, Panafrican Equipment offers after-sale support solutions to its customers.
The agricultural sector in Kenya experienced a vibrant growth of 6.4 per cent in 2018, while the total value of minerals increased by 9.4 per cent to Ksh30.4 billion, according to the Kenya National Bureau of Statistics (KNBS).
With a presence in seven countries, including Rwanda, Burundi, Uganda, Nigeria, Sierra Leone, Ghana, and Tanzania, Panafrican Equipment is well-positioned to capitalize on the growth potential of the extractive industries.
The company's investment in training and development is also noteworthy, with Ksh75 million annually allocated to this cause, benefiting over 20 domestic companies and government institutions.
Furthermore, Panafrican Equipment is exploring product diversification by seeking agreements with lenders to offer asset financing to SMEs and counties, with the firm already working with Laikipia County to lease equipment for devolution projects.
