Paper Magic Limited, a young Ghanaian Paper packaging company is to benefit from an investment of nearly one million US dollars from the Industrial Support Fund and other partners.
In a colourful signing ceremony held at the offices of Impact Capital Advisors in Accra on Wednesday, 27th October, 2021, the Board Chairman of impact Capital, Mr. Zac Bentum and former MD of Exit Guarantee Company congratulated Paper Magic Limited for this feat.
He admonished the company to ensure that the funds are put to the use that it is intended for to ensure that the investment becomes beneficial to the company, fund, and the country.
The CEO of Paper Magic Limited, Mr. Kwabena Amuquandoh Okyere on his part, thanked Impact Capital Advisors for believing in the dream and vision of the company and agreeing to help them get the needed funding.
He thanked ISF for the partnership and pledged to ensure that the funds will be executed with all the diligence that is required. He also pledged that the company will work harder so to be able to attract more funding to make Paper Magic the number one paper packaging company in Ghana and capable of competing internationally.
In an interview, the CEO of Impact Capital Advisors, Mr. Anthony Annan stressed that Private Equity Companies are not in competition with the Banks. He said, “If anything at all, we are complementing the work of the banks. We are helping to raise funds for companies that the banks would normally not fund. So, in other words, we help to grow young companies and help them to structure properly so that they will become attractive to the banks.”
In a remark, Mr. Annan stated that due diligence and other processes had been completed for the Fund to invest GHS 4.8 million into the company. The other component of the investment comes from other partners of the company which sums up to about GHS 5.3 million.
The Capital injection into Paper Magic Limited is to enable the company expand the factory and increase its production.
Paper Magic is seeking to become the largest paper packaging factory in West Africa. From 2022, it will start the large-scale production of Paper bags, paper Cups, paper food packs, paper food plates, photocopy paper, tissue paper amongst other things.
The company seeks to become the leader in the effort at eliminating plastics from our society. Mr. Dennis Ansah who is a co-promoter and a board member of the company said, Paper Magic will be the game changer in the fight against plastics in our society. “We are committed to it”, he said.
The event was attended by some staff of impact Capital Advisors, some staff of Paper Magic Limited as well as some partners of the company.
Source: The National Forum
