South Africa’s Section 12J specialist fund manager Anuva Investments has come to the rescue of health and wellness product manufacturer Biodelta, by way of a R20 million capital injection.
The company which produces and distributes health and wellness products has in the last weeks become a crucial supplier in the fight against COVID-19, extending its product range and manufacturing focus to deliver much-needed COVID-19 key products.
Virus test kits, three-layer surgical masks, sanitisers and immune booster supplements have now been fast-tracked in their production output thanks to the capital advanced to fund the current worldwide critical short supply.
The timeous investment has provided the working capital to implement dedicated production lines to cope with the additional volumes of the COVID-19 key products while non-key offerings have been scaled down.
“Not only are we keeping our staff employed during these trying times,” says Biodelta CEO Leon Giese, “but because we are gearing the factory up to increase its output ten-fold, we will be employing additional staff and will be working three shifts on some of the lines.”
The company is set to produce 100 000 litres of hand sanitizer per week, 20 tonnes of Vitamin C per month, and provide 3.5 million surgical masks within the month.
Director at Anuva Investments Neill Hobbs says that the investment is a credit to the Section 12J structure and a “supreme example of how taxpayer money has been used to respond rapidly to the needs of our country and its people.
“Weighing in with a smaller pharmaceutical company and boosting its capacity in producing the products the country needs right now, is arguably the best socially responsible thing to do for any South African in the current climate. Potentially, millions of lives could be saved through this initiative.”
Biodelta has also undertaken to distribute ten percent of the production volume to the most vulnerable communities at no charge and there is an emphasis on fast-tracking distribution to facilities for the aged, medical and care workers.
The IDC’s disaster relief effort has been pivotal in the distribution of the products to these recipients through non-governmental organisations such as Gift of the Givers.